我国上市公司融资偏好的经济伦理探析

Economic Ethics Research of China’s Listed Company’s Finance Preference

我国上市公司偏好于股权融资,这会对公司经营业绩、治理机制以及社会经济事业产生负面影响。控股股东义利观的倒置会造成公司经营业绩的下滑及公司治理机制的恶化,管理机构义利观模糊状态下的监管失位则会导致资本市场的不健康发展及公众利益受损,原因就在于股权分置。流通股股东与非流通股股东价值理念的冲突是股权融资偏好形成并发展的内生因素,而政府习惯性干预市场的思维方式则是外生因素。只有切实提高上市公司股东及政府经济伦理意识并完善以职业经理人市场和监管制度为代表的制度安排,才能改变股权融资偏好状况,实现经济的可持续发展。

The finance preference of China＇s listed company is stock right financing, which is the reason that causes the negative effects on company＇s operation performance, management mechanism and social economy. Because of the conversion of stockholder＇s duty and benefit view that will cause the decline of company＇s operation performance and worsen the company＇s management, and the supervision deficiency of the management organization＇s duty and benefit view will cause the unhealthy development of capital market and impair public benefit, which can be imputed to the stockholder＇s equity division. The conflict of values between stockholders of circulation stock and non-circulation stock is the internal reason and the habitual thought of government＇s interference of market is the external reason that cause the situation mentioned above. Realistically, it is needed to improve economic ethics consciousness of the shareholders of listed company and government and perfect the system of manager market and supervision institution to make the stock financing in a better situation and fulfill the sustainable development of economy.