中国上市公司融资偏好分析

【作者】 袁鹰；

【导师】 金元欢；

【作者基本信息】 浙江大学 ， 国民经济学， 2002， 硕士

【摘要】 在我国计划经济模式下，不存在真正意义上的企业，企业的资金基本上实行供给制，主要靠财政拨款和很少一部分银行低息贷款，企业无融资自主权，加之金融市场封闭，资金来源渠道狭窄，使企业丧失了自主选择融资方式的可能性和外部环境。因此，在当时企业融资问题没有人关注，也没有研究的必要。 90年代后期，在政府的支持和推动下，越来越多的国有企业走向资本市场公开发行股票，国有企业改革踏上了以股权融资和产权变革为特征的制度创新之路。近十年来，以国有企业股份制改造为主的中国上市公司迅速成长，它们是我国企业改革和建立现代企业制度的排头兵，它们的健康发展对国民经济稳健运行和持续增长意义非常重大。与此同时，中国上市公司的股权融资行为还是不规范的，曾有人义愤撰文“股市不是老虎机”，来表达对一些上市公司的扭曲的融资行为的愤慨，本文从历史的角度出发结合现实情况，对上市公司的融资偏好进行了度量，对其原因进行了剖析，并提出相关的政策建议。具体来说本文可分为以下几个部分： 第一部分：导言 这一部分是对本文一些前提的必要交待。包括研究的主题和背景、主要概念的界定、研究的思路和方法、文献的简要回顾和文章的结构。 第二部分：中国上市公司发展的历史回顾和企业融资理论概述 在中国上市公司发展的历史回顾中主要简介了我国股票市场和股份制发展的历史，在企业融资理论概述中，从MM定理出发，介绍了关于融资结构理论的演变和各种理论的简要的介绍，以及对各种理论的相关评述。对上市公司的融资成本和融资风险进行了理论的分析。 第三部分：对我国上市公司融资偏好的实证分析 这一部分首先通过横截面数据对我国上市公司融资偏好做出总体界定，即我国上市公司稳定的偏向于股权融资，另一方面从配股和股利分配这两个角度出发，通过对几年纵向数据的分析，更具体、直观的分析这一融资偏好的强弱情况。 第四部分：我国上市公司融资偏好的成因和影响分析 这一部分从成本收益角度分析我国上市公司偏好于股权融资的直接原因，是股权融资的低成本。接着从我国国情出发，包括股权结构，上市公司治理等进一步分析了我国上市公司融资偏好形成的深层次原因。并对我国上市公司融资偏好的影响进行了详细的分析。 第五部分：政策建议 这一部分主要对我国上市公司融资偏好的治理、优化资金配置提出建议。更多还原

【Abstract】 Under the mode of planned economy, there is no true enterprise, funds are allocated by public finance and banks supply some low interest loan to enterprises. Enterprise has no right of financing. What’s more, capital markets are not open at that time and fund sources are rare. All these make enterprises lose the independence of choosing financing method and exterior financing environment. Therefore, enterprise-financing problems are unimportant and it is not worth of research at that time.At the end of 1990s, under the support of the government, more and more state-owned enterprises (SOEs) issued stocks through capital market. SOEs stepped on the way of institution innovation characterized by equity finance and property rights reform. In the last decade, listed companies which come from old SOEs grow very fast, they are pioneers of China’s enterprise reform and modern enterprise system building, Their healthy development has great significance to the stable running and persistent increase of national economy, however, equity finance behavior of China’s listed companies does not reach the norm. Someone has even written an article named stock market is not a tiger machine to express the righteous anger towards the distortion of china’s listed companies’ finance equity. This text measured the finance bias and analyzed its reason. At last countermeasures were put forward. This text can be divided into several chapters:Chapter One: Introduction This part gives the essential introduction of the whole research, it includes the topic and background, definition of main concepts, premises and ways of research, review of other’s achievement and the article’s structure. Chapter Two: History review of Chinese listed company and summary of enterprise finance theories The history of China’s stock market and stock company is introduced in the first part. In the latter part, all kinds of finance structure theories are introduced and related evaluation is also given. Cost and risks of listed companies’ finance is also analyzed in theory.Chapter Three: Empirical analysis of listed companies’ finance bias Firstly, thispart gives a definition of China’s listed companies’ finance bias, which shows that China’s listed companies prefer stock finance stably. Secondly, this article measures the bias of listed companies in detail through datum of rationed shares and dividend payment.Chapter Four: Analysis of reason of finance bias and its effect This part statesthat the direct reason of finance bias is low cost of equity finance, and then some hidden reasons have been uncovered with further analysis. The effect of finance bias is discussed.Chapter Five: Countermeasures suggested This part gives suggestions abouthow to deal with the finance bias and how to distribute funds.更多还原