上市公司外部融资依存度的行业差异分析

Analysis of Industrial Difference of Dependence on External Financing of Listed Companies

着眼于研究不同行业的融资依存度,从融资依存度这一因素为出发点对我国行业布局提出建议。依据EDR这一指标的原理,构建了综合外部融资依存度、权益外部融资依存度、债务外部融资依存度三个指标,选取上市公司九个行业六个年度的数据进行计算,总结并分析了各行业融资依存度的特点及差异,同时,也研究了企业对权益资本和债务资本的不同依赖程度。

A large number of studies have shown that different levels of financial development lead to different effects of different financing dependence on economic development.Based on this conclusion,this paper studies the dependence of financing in different sectors to make recommendations on the layout of the industry.Based on the principle of EDR,we build three indicators named comprehensive external financing dependence,dependence on external financing equity and debt dependence on external financing.It calculates the indicators of six listed companies in nine sectors,and analyzes the characteristics of financial dependence in different industries.This paper also studies the different dependence of equity capital and debt capital in a company.