我国创新型上市公司的成长和融资方式

China innovative listed company's growth and financing mode

本文以98家2008～2010年我国创新型上市公司为样本研究其成长与融资方式的关系。首先分析目前我国创新型上市公司的融资现状,其次研究融资方式对创新型上市公司成长的影响。研究结果表明,目前我国创新型上市公司的融资方式不合理,对于企业的成长并没有起到显著的促进作用。内源融资比例较小,对于创新型上市公司的成长没有起到积极作用;外源融资中存在"重股轻债"的问题,不利于创新型上市公司的成长,债权融资由于规模较小也没有起到明显的促进作用。创新型上市公司应该加大内源融资的规模和债务融资的比例,适当的发行债券,扩展融资渠道,而不是一味追求股权融资。另外,规模大的创新型上市公司不能一味追求规模扩张,更应重视企业自身的经营问题,把资金等稀缺资源用于企业的技术创新,提高企业的核心竞争力,促进创新型企业的健康成长。

This paper uses 98 of the Innovative List- ed Companies as samples in China to study the relation- ship between financial structure and the innovative listed companies＇growth in China. Firstly,this paper analyzes the financial structure of the innovative listed companies.Then,analyzes the relationship be- tween the financial structure and the compa~ nies＇growth. The results show that,due to This paper analyzed the innovation of financing of listed compa- nies and research current situation,mode of financin~ for its growing influence. The results show that,due tc a smaller proportion of endogenous financing,equity financing proportion is too large and other issues,the current mode of financing is not conducive to innova- tive growth of listed companies. Innovation of listec companies should strengthen internal financing anc debt financing proportion,appropriate to issue bonds, expand financing channels.pay attention to the busi- ness activities of enterprises,and promote the healthy development of innovntive enterprises.