摘要
上市公司在证券市场上的筹资方式主要有股权融资和债券融资。在我国上市公司筹资过分偏好股权融资,与现代财务理论和发达市场经济条件下企业筹资惯例不相吻合。我国上市公司融资结构现状就从代理成本的角度、公司治理角度等方面分析,偏好股权融资是我国特殊市场经济条件下的必然产物,从经理人持股激励机制、建立有效的偿债保障机制等方面提出改善融资结构建议。
Based on the analysis of the financial structure of listed companies concerning agent cost and company management, the author first reveals that listed companies＇ preference for equity financing is an inevitable product under China＇s special market economy, though, which is in conflict with modem financial theory and the usual practice of enterprises＇ financing under mature market economy. Secondly, the author puts forward some suggestion on improving financing structure as to establishment of effective mechanism ensuring the repayment and encouraging manager＇s share.
出处
《江西煤炭科技》
2006年第3期73-76,共4页
Jiangxi Coal Science & Technology
关键词
筹资顺序理论
融资结构
股权融资
financing sequence theory
financing structure
equity financing
