上市公司优序融资的回归?——基于股票和债券选择的实证研究

What Do We Know about Pecking order? An Empirical Study on the Selection of Stocks and Bonds from Listed Companies in China

我国虽然出现了"上市公司发债强于发股"的优序融资现象,但和经典的优序融资理论强调的发债成本低于股票融资成本是不符的,我国上市公司现金分红虽然有所增加,但依然较少,低于发债的利息成本。主要是债券和股票金融管制程度的差别影响了上市公司的融资选择,如果债券发行管制放松,就会改变上市公司再融资对股权偏好的选择,企业发债对股票融资产生了替代效应。同时,上市公司大股东出于对控制权和财务杠杆的考虑以及外部治理环境的改善而偏好发债券。

How to firms choose between stock and bond in China? Using a sample of new financings from 1998 to 2010,we examine the choice between stock and public debt from the firm characteristics,the nature of financing instruments,the external institutional environment and financial regulation.The results showed that although China has a pecking order phenomenon,but it is inconsistent the pecking order theory that emphasizes the cost of bonds less than the cost of equity financing.We find that the primary determinant of the choice of debt source is the financial regulation.If the bond issue deregulation,it will change the choice of preferred shares.Corporate bonds is a substitution to the stock.In addition,we find important evidence that the choice of financing instruments is influenced by executive control and external governance environment.