上市公司股权融资偏好的成本与收益分析——以海尔为例

Analysis on the Cost and Income of Equity Financing Preference in Listed Companies——Take Haier Co. Ltd as an Empirical Sample

本文基于我国上市公司的股权融资偏好现状,通过西方资本结构理论对公司融资选择的适用性分析,引入股权融资成本与收益计量模型,并以海尔作为实证样本,得出我国上市公司的股权融资成本低于债务融资成本,股权融资会在一定程度上增大企业价值的研究结论,从成本与收益两个方面对股权融资偏好行为进行了解释。

Basing on the present situation of equity financing preferenee in China listed companies, and through analyzing the applicability of western capital structure theory to financing choice of listed companies, this paper quotes the cost and income measuring models of equity financing, and takes Haier Co. Ltd as an empirical sample, we get the research conclusion that： not only equity financing cost is lower than debt financing cost, but also to some extent equity financing can increase firm value. This conclusion would translate the behavior of equity financing preference from aspects of cost and income.