我国上市矿业公司的融资悖论与完善措施

Financing pecking order and improvements in China′a listed mining companies

优序融资理论在以信息不对称理论为中心的新资本结构理论中占有重要地位,并得到国外相关实证研究一定程度上的支持。经过二十多年的发展,我国的资本市场已形成一定规模,矿业上市公司也成为国民经济重要的一部分。矿业融资是指矿业企业生产过程中主动进行的资金筹集和资金运用的行为。因在矿产资源勘查、开发利用与生产的不同阶段,其活动特点、工作性质和条件不同,主要融资方式选择也不同。因此,对矿业上市公司的融资优序问题研究具有十分重要的现实意义。

Taking an important place in new capital structure theory centered with asymmetry of information, pecking order theory gains support from relative foreign empirical researches. Capital market in China has taken a shape after two--decade＇s development, and listed mining companies play a key role in national economy. Financing modes varies according to different features and conditions at different stages of resources exploration, development and production. Therefore, study on application of pecking order theory in listed mining companies has important practical significance.