企业融资偏好解析--基于农业上市公司的实证数据

Analysis on Enterprise Financial Preference——Evidence from Listed Agribusinesses

自MM理论以来,企业融资行为的理论与实证研究不断深入。大多国内研究文献认为我国企业融资行为具有明显的股权融资偏好。文章运用新的研究思路与方法,对我国农业上市公司的融资偏好与融资结构特征分别进行了实证研究,结果发现虽然融资结构特征体现出明显的股权融资依赖性,但企业并不具有股权融资偏好。

The firm financing theory has been remaining conspicuous after the famous irrelevance result of Modigliani and Miller. Most of the researchers in China documented that the listed companies have equity financing preference-different from other countries based on the quantitative analysis result of the financial structure performance. However, this result is suspect. Basing on different viewpoint, this paper studied the financing preference and financial structure performance of the listed agribusinesses respectively using new quantitative analysis method. The outcome is ： although the agribusinesses depend on equity financing, they have no equity financing preference.