摘要
资本结构的行业特征,一定程度上反映了证券市场的资本风险配置效率。通过对样本行业资本结构状况的统计分析,得出行业的资本结构与其收益风险不匹配;我国证券市场的资本风险配置极度扭曲,处于低效配置状态。究其主要制度根源是公司上市的目的不纯及对公司股权融资的监管政策不合理。
The industrial characteristics of capital structure reflect the collocation efficiency of security market in some degree.Through the statistics analysis of the sample industrial capital structure, the paper draws the following conclusions: industrial capital structure cannot match earnings risk; the collocation of capital risk of security market in China is under extreme distortion and low efficiency; the main institutional reasons are irrational the lsted company and unreasonable supervising poliey on the company equity financing.
出处
《商业研究》
北大核心
2005年第15期159-165,共7页
Commercial Research
基金
华南农业大学国家重点学科建设项目"中国农业类上市公司资本结构与融资行为研究"的阶段性成果
关键词
行业资本结构
收益风险
股权融资
配置效率
industrial capital structure
earnings risk
equity financing
collocation efficiency