晚清时期我国企业股权融资偏好分析

On the Share Equity Financing Preference of Modern Earlier Enterprises in Late-Qing Dynasty: Analysis of Theory and Influence Factors

Myers(1984)的“鸟啄次序”融资理论为我们提供了分析晚清时期中国近代公司的融资行为的理论背景。但是,在晚清时期中国近代公司控制权行政配置的情况下,公司融资方式的选择主要基于行政许可性、融资数量及方便性方面的考虑,这也导致了晚清时期中国近代公司实践出现之初融资次序的颠倒以及对股权融资的偏好。

The ＂pecking order＂ theory put forwarded by Myers in 1984 provided a useful theoretic background to analysis the behavior of modern earlier enterprises in late-Qing Dynasty, but, when the control right of corporate was allocated by the government and its bureaucrats, the choice of finance approach was mainly based on the consideration of amount and convenience of acquiring capitaL This made the sequence of finance in great disorder and stock finance was emphasized in modern earlier enterprises.