中国上市公司股权融资偏好的成因分析

A Study of the Reasons for Stock Financing Preferences of Listed Companies in China

近年来,我国上市公司普遍存在着强烈的股权融资偏好的极端融资行为,并对其自身及资本市场的健康发展造成了诸多不利影响。股权融资偏好是我国上市公司在其融资过程中受多种因素影响共同作用的综合结果,制度环境、产业因素及股权结构等是我国上市公司股权融资偏好产生的最直接抑或最重要的原因,它们交织在一起,共同驱动了我国上市公司的股权融资偏好。规范上市公司融资行为、纠正其不合理的股权融资偏好,必须基于这三方面原因采取包括调整上市公司股权结构、完善证券市场退出机制等有效对策与配套措施。

In recent years, China＇s listed companies generally have extreme stock financing preferences, which has caused a great deal of adverse effects on the development of these companies themselves and capital market. Such preferences are the comprehensive result caused by many kinds of factors in the course of financing, and the system environment, industrial factors and stock structure are nancing preferences. So, in order to standardize the financing the most direct or important reasons for the stock fibehavior of listed companies and correct their unreasonable stock financing preferences, we should take some effective measures such as adjusting the stock structure of listed companies and perfecting the withdraw mechanism of China＇s security market.