中国上市公司内外融资的顺序偏好

On the Internal and External Financing Preference of China’s Listed Company

文章指出,对中国上市公司中的股份异质公司而言,若不考虑关联交易因素,内源融资逊色于外源融资,其所偏爱的股利政策为现金分红,这意味着中国证券监督管理委员会将现金分红作为上市公司申请配股或增发先决条件的现行规定可能并不妥当,加强对上市公司关联交易的监管才是问题的根本。在有报告盈余的情况下,这类公司会趋向于大规模派发现金股利,除非其报告盈余存在虚假或日后存在向其控股股东输送利润的可能,因此投资者及相关政府部门可利用这一特性低成本地甄别其企业会计报表的真伪及未来发生非对等关联交易的可能性。

The author points out that for the China＇s listed companies with heterogeneous equity, without consideration of the factors of connected transaction, the internal financing is inferior to the external financing and they will prefer cash dividend. This suggests that the existing stipulation that China＇s Securities Regulatory Commission （CSRC） takes the cash dividend as the prerequisite for shares allotment or new stock issue applications is not appropriate. In this case, the enhanced supervision over the connectee transaction of the listed companies should be essential. Given the earnings condition, these companies tend to pay cash dividends in large scale, unless the earnings are not true or there existed possibility that the profits would flow to the con- trolling shareholders. Thus, this feature can help investors and the government departments to identify the truthfulness of the corporate financial statements and the probability of the asymmetrical connected transactions.