股权结构影响下的上市公司融资倾向研究

Financing Tendency of Listed Companies Under the Influence of Stock Structure

本文选取深沪两市的900家上市公司为样本,以2001-2004年的财务及相关数据为基础,从我国上市公司特殊的股权结构出发,运用一般描述性统计分析、偏相关分析、独立样本T检验等方法,分析我国上市公司股权结构与融资倾向之间的关系,以探究在相同市场环境中,不同的股权结构安排是否会导致其融资倾向的差异性。研究结果表明,股权结构对上市公司融资倾向具有显著的影响,不同股权结构安排下的公司有不同的融资倾向,特殊的股权结构是造成我国上市公司融资结构不合理的主要因素。

Based on the financial and other relevant data from 2001 to 2004 of 900 listed companies in both Shenzhen Stock Exchange and Shanghai Stock Exchange, using describing statistical analysis, partial correlation analysis and independent samples T test etc., under the special stock structure of Chinese listed companies, this paper analyses the relationship between the stock structure and the financing tendency of Chinese listed companies. The research purpose of this paper is to find out whether in the same market dif- ferent stock structure will lead to different financing tendency. Statistical tests show that the stock structure remarkably influences the financing tendency of Chinese listed companies and different stock structure will lead to different financing tendency. As a result, the special stock structure is the main reason for the unreasonable financing structure of Chinese listed companies.