我国上市公司股权融资偏好的再研究

Rethinking Equity Financing Preference of China's Listed Companies

我国上市公司存在着明显的股权融资偏好,有悖于西方发达国家的融资优序理论。首先分析了上市公司股权融资偏好的不利影响,进而分析了股权融资偏好产生的原因,具体包括软约束成本导致股权融资成本较低、内部人控制权收益引发股权融资偏好、公司治理的内外部环境不规范、证券市场发展不平衡等。最后,就我国上市公司股权融资偏好的治理提出相应的对策。

China＇s listed companies strongly prefer to equity financing, which differs from the Pecking Or- der Theory of Western developed countries. This paper analyzes the adverse effects caused by equity finan- cing preference of China＇s listed companies. Then it analyzes the reasons for such a preference, which in- cludes the low financing cost caused by soft cost constraints, internal control benefits, internal and exter- nal environment of corporate governance, and disparate development of the securities market. Besides, it puts forward some measures to deal with such a preference in China＇s listed companies.