国有控股上市公司融资结构的实证分析——基于2001-2009年A股国有控股

本文通过对2001-2009年A股国有控股上市公司相关财务数据的分析,发现现阶段我国国有控股上市公司融资结构的突出特点:强烈的股权融资偏好。但我们也发现,随着时间的推移国有控股上市公司的融资结构不断趋于合理化。我们同时选取了2008年的截面数据实证分析了这种融资偏好的成因。据此提出优化国有控股上市公司融资结构的政策建议。

Through the analysis of historical financial data during the vertical period of 2001 to 2009, the paper found out a critical feature of current capital structure of national owned public trade companies in China： a strong preference for equity financing, together with the emerging trend toward more rational financial structure. Furthermore, the cause underpinning the preference is analyzed by examining the horizontal data of contemporary companies profiles of the year 2008, and policy suggestions based on these analyses are given to improve the capital structure of national owned public traded companies.