中国上市公司融资偏好问题的重新审视

A Re-examination of Financing Preference of Chinese Public Companies

基于对中国上市公司股本融资偏好问题的重新审视,我们发现:(1)如果将短期债务考虑在内并剔除首次公开募股的影响,股本融资偏好就不复存在;(2)在企业债务比率的调整过程中,融资缺口所起的作用超过了传统的企业特征因素,这意味着顺序偏好理论能在一定程度上解释企业的融资行为;(3)股票市场状况和政府管制政策会对企业外部融资的构成产生一定的影响。以上经验证据表明,中国上市公司的融资行为并不像原先所想的那样独特,主流的资本结构理论对企业的债务政策具有相当的解释能力。

This paper re-examines the equity financing preference of Chinese public companies. Our study is different from previous ones in that we analyze systematically the effect of financial deficits on corporate debt policy. Our study leads to the following findings： First, if we take short-term debt into consideration and eliminate the IPO effect, the equity financing preference no longer exists： second, financial deficits play a more important role than traditional firm characteristics in debt ratio adjustment process, which implies that the pecking order theory can account for corporate financing behaviors to some extent： third, equity market conditions and government regulatory policies have some effect on the composition of firm external finance. Overall, our evidences suggest that the financing behaviors of Chinese companies aren＇ t as special as previously thought, the mainstream theories of capital structure have substantial explanatory power for firms＇ debt policy.