融资环境与我国上市公司融资行为选择

Financing Circumstances and the Selection of Financial Actions for Chinese Listed Companies

同市场成熟的发达国家企业盛行债务融资不同, 我国上市公司偏好股权融资, 造成这种差异的关键是我国特定的融资环境。本文以融资环境为背景, 通过分析我国上市公司所处的特定的融资环境, 得出结论: 我国上市公司偏好股权融资是在既定的融资环境下, 做出的“合理”选择。在此基础上,提出了改善上市公司融资环境的综合治理措施, 以使上市公司的融资行为朝着理性化方向发展。

Distinguished from the prevailling financing indebtedness in thecompanies of developed countries where have well-developed markets, Chineselisted companies preferred to finance in stock share. It is our specialfinancal circumstances that leads the difference. In our study, we analyzedthe special financing circumstances of chinese listed companies, andconcluded that it is logical to use the mannar of stock share in financing.Based on our conclusion, we come up with a comprehensive reform resolution forlisted companies to improve financal circumstances, so that their financalaction could be developed in a rational way.