我国上市公司融资抉择实证研究

The Empirical Study on Chinese Listed Companies Financing Choice

本文借助二分响应逻辑斯蒂线性概率模型(DRLLPM),对影响我国上市公司融资抉择的因素进行了实证研究。结论是:1、就我国上市公司融资抉择而言,规模因素和盈利能力有显著影响;股票流通度与股权集中度有不稳定的显著影响;而行业因素仅在少数行业中有显著影响;抵押资产和成长性两因素则没有影响。2、就影响因素的影响方向而言,规模因素倾向于选择债务融资,盈利能力、股票流通度与股权集中度三因素则倾向于选择非债务融资。3、我国大多数上市公司的融资决策行为可用融资工具选择理论的最优财务结构解释。

The paper having the aid of Dichotomous Response Logistic Linear Probability Model (DRLLPM) draws three pieces of conclusions by empirically analyzgsis on factors impacting Chinese listed companies financing choice . Firstly, As far as Chinese listed companies financing choice is concerned, size and earning power exert notable influence; degree of circulating stock and centralization of shareholder bring erratic powerful impact; industry effect is marked in a few industries; mortgage assets and growing up factor produce little affect. Secondly, With regard to direction of influence of impact factors, size factor inclines selecting instrument of debt financing; earning power ,degree of circulating stock and centralization of shareholder opt for non-debt tackle. Thirdly, The behavior of most Chinese listed companies financing choice can be explained by the theory of optimal structure of school of long-term financing instruments choice.