资本市场融资条件与产品市场竞争双重约束下的中国上市公司融资行为研究被引量：8

Study on Financial Behavior of China Listed Companies under Dual Restrictions of Financing Conditions in Capital Market and Competition in Product Market

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摘要本文通过数据分析详细刻画了中国上市公司融资行为和资本结构的特征,发现中国上市公司融资行为与G-7国家实践和西方经典公司金融理论的预期截然相反。为了有效解释这一背离现象,论文以西方公司金融学的最新进展为基础,结合中国资本市场融资条件和产品市场竞争的实际状况,对中国上市公司融资行为给出了新的分析框架。论文最后针对如何规范资本市场融资秩序提出了建议。 This paper describe the financial behavior of China listed companies clearly by data. We find that the financial behavior is totally different with the characteristics of G-7 nations and the explanations of classical corporate financial theories. Then we study the special financial behavior under dual restrictions of financing conditions in capital market and competition in product market. Finally, we give some advices for regulating the order in financial market.

作者李悦赵锐

机构地区中国人民大学

出处《中央财经大学学报》 CSSCI 北大核心 2005年第5期31-35,共5页 Journal of Central University of Finance & Economics

关键词上市公司融资行为融资条件市场竞争 Listed companies Financial behavior Financing conditions Competition in market

分类号 F830.9 [经济管理—金融学]

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