中国上市公司融资方式影响因素的实证研究

Empirical Study on Financing Behavior Factors of Listed Chinese Firms

企业向外界融资是企业发展过程中的一个必然趋势。对于企业来说融资方式的选择要考虑到许多因素,但都是以实现企业成本最小、利润最大化的为目标。文章将我国上市公司的融资方式分为4种:内源融资、股权融资、银行贷款、债券融资。对于这4种融资方式在理论分析的基础上,应用实证研究的方法检验影响我国上市公司融资方的主要因素及其影响路径。

Financing to the external is an inevitable trend for the developmental enterprises. In order to achieve the mini- mum costs and maximum profits, it is necessary for the enterprises to take many factors into account when choosing the financing behavior. This paper divides the financing behavior of listed Chinag firms into bond financing, equity finan- cing, bank loans and internal financing. Moreover, using theoretical and empirical methods, we examine the factors which can affect the four financing behavior of the listed finns, and analyze how the factors affect the choice of financing behavior.