我国上市公司融资结构及其优化

Financing Structure of China's Listed Companies and Its Optimization

通过对我国上市公司2000—2002年年报数据的分析,发现我国上市公司的融资行为与现代企业资本结构理论并不一致,表现出较强的股权偏好现象,这与西方企业在融资偏好上存在着明显不同,可能导致资本结构扭曲。分析了我国上市公司融资结构的现状及成因,剖析了不合理的融资结构所带来的弊端,并针对我国上市公司融资结构的优化提出了几点建议。

Analyzing the 2000—2002 annual reports of China's listed companies and comparing their financing behavior with the capital structure theory of western modern companies, an obvious discrepancy between them is found that China's listed companies prefer equity capital whereas western companies prefer others in their financing behavior. Such a preference of China's listed companies will possibly distort their capital structure. A discussion is thus made on the formation and current situation of the financing structure of China's listed companies to analyze what abuses will result from their preference that may lead to an unreasonable financing structure. Some proposals are set out to optimize the financing structure of China's listed companies.