我国上市公司股权融资过度偏好的有限理性行为分析

An Analysis of Non-rational Financing Preference of Listed Companies in China

我国上市公司具有典型的过度股权融资偏好,按照行为金融学的基本原理,我国上市公司存在股权融资过度偏好的种种非理性因素。其直接原因是我国上市公司股权融资成本偏低,间接原因则包括公司治理结构不合理、公司经理层的个人非理性行为、政策导向与制度缺陷、资本市场不完善等因素。过度偏好股权融资的行为会扭曲证券市场的资源配置功能。

Listed companies in China prefer equity finance excessively. According to the basis of behavioral finance, there are some non-rational factors which influence excessive preference for equity finance in China. The immediate cause is the low cost for equity finance, and indirect causes include the defect of company governance structure, the irrational behavior of company executives, poor policy and institutional arrangements, and the immaturity of capital market. It is illustrated that excessive preference for equity finance by listed companies will harm the efficiency of capital market.