公司财务理论与公司财务行为——来自167家中国上市公司的证据

The Theory and the Behavior of Corporate Finance

本研究对1507家中国上市公司(A、B、H股)开展一项大型公司财务问卷调查,并基于回收的167份有效问卷,详细研究了返回问卷的样本公司的资本预算、对资本成本的判断、融资行为与资本结构选择等财务行为。本文对样本公司的财务行为进行了报告和分析,讨论了这些行为与公司特征之间的关系。研究结果表明:这些样本公司的财务行为在一些方面符合公司财务基本原理的描述,但也存在着很多不一致或模糊甚至矛盾之处。这一方面表明在中国特殊的制度和所有权环境中,中国上市公司的财务行为存在着一些较为独特的特征;另一方面也反映出现有公司财务理论还需要进一步发展,以更好地解释公司的现实财务行为。

We have issued 1507 questionnaires to China's listed companies (with A or B or C shares) to survey the fi- nance of big companies; and based on the 167 responses received to the questionnaires, we have thoroughly studied such financial behaviors of the specimen companies that have filled in and returned the above- men- tioned questionnaires as the capital budgeting, the judgment on the cost of capital, the behavior of financing and the selection of capital structure. We have reported and analyzed the financial behavior of the specimen compa- nies, and discussed the relationship between such behaviors and the characteristics of these companies. The re- sult of our study indicates that the financial behavior of these sample companies is, in some aspects, in confor- mity with the academic description of the fundamentals of company finance, and that, however, it is, in many re- spects, doubtfully or not in line with those fundamentals or is even contradictory to those fundamental. On the one hand, this demonstrates that, under China's specific systems and ownerships, the financial behavior of China 's listed companies has some unique characteristics, on the other, this reveals that the prevailing theory about the company finance needs further development in order to better interpret companies' actual financial behavior.