国内上市公司的股权融资偏好的原因分析

Analyse the Cause of Preference of Stockholder's Rights Financing for the Domestic Listed Company

国内上市公司融资的啄食顺序和成熟市场经济国家相反,表现出较强的股权融资偏好特征;融资结构中股权融资比重偏高,内部融资比重偏低。本文从公司金融角度出发,结合目前中国国情,分析得出国内上市公司对股权融资如此热衷的原因主要有:股权融资的成本优势、股权分置和国有股一股独大、公司治理结构不完善以及经济高速发展期企业的扩张冲动。

Contrary to foreign listed companies, the pecking order of domestic ones shows strong preference for stockholder＇ s rights financing. Tbis paper aims at researching the intrinsic reason of the phenomenon from the viewpoint of corporate finance. The decisive reasons are as follow ： the cost advantage of stock financing, the spitted shareholder structure and the excess control of the state shareholder, the ineffectiveness of company governance and the impulse for expansion in the rapidly developing period.