资本成本视角的上市公司融资行为解析

The Financing Behavior of Listed Companies Based on Capital Cost

针对中国上市公司普遍存在与经典理论相悖的股权融资偏好,在分析上市公司资本成本和融资成本的本质区别与内在联系的基础上,通过计量和比较各种融资方式的资本成本和融资成本,探析中国上市公司资本成本对融资决策的约束力,以挖掘隐含在资本成本背后的引起上市公司融资偏好的内外部制度动因。实证结果表明股市的制度缺陷和上市公司治理的无效造成了中国上市公司权益融资成本与资本成本的偏离,引起了上市公司普遍的对股权融资"免费资本幻觉",进而滋生了中国上市公司的股权融资偏好。

Concerning the equity financing preference of the listed companies in China, and based on the analysis of internal correlation between capital cost and financing cost, the constraint of capital cost to financing decision is discovered by measuring and comparing the capital cost and financing cost of different kinds of financing choices, so that the internal and external institutional causes are discovered. The empirical results indicate that the institutional deficiency and governance inefficiency trigger the deviation of financing cost from capital cost, which causes the illusion of free capital of equity financing, and thus breeds the preference to equity financing.