控制权视角下的外源融资选择理论和实证分析

Theory of Outside Financing Selection and Its Empirical Analysis from the Perspective of Controlling Power

通过构建一个统一的数理模型进行对比分析表明,不同期限条件下的债务融资和不同对象条件下的股权融资具有各自的优点;同时,通过对2007年上市公司融资偏好进行排序分析也表明,上市公司控制权对融资方式的选择起决定作用,而公司盈利能力等对融资方式的选择具有显著的影响作用。

By constructing a unified mathematical model, this paper carries out a comparative analysis. The results show that both the debt financing under the conditions of different duration and the equity financing under the conditions of different objects have their own characteristics. Meanwhile, the analysis of the list of the listed companies in 2007 in the order of financing preference also proves that the controlling power of the listed companies plays a decisive role in the selection of financing method, while the profitability of the company has a significant effect on the selection of financing method.