我国上市公司融资偏好悖论:提出与解读

Putting Forward and Interpreting a Paradox theory ofFinance Preference of Chinese Listed Companies

现代资本结构理论揭示了企业的最优融资顺序应该是 :内源融资———债权融资———股权融资。发达国家的公司却表现出典型有股权融资偏好 ,由此形成了“公司融资偏好悖论”。本文着重分析了这种悖论的具体表现与原因 ,指出 :上市公司控制机制的错位和公司治理机制的扭曲是产生公司股票融资偏好的根源。文中最后提出了几点思考。

The theory of modern capital structure reveals that the best sequence of corporate finance should be, Which has been demonstrated by the experience of developed country's corporate, inside finance-credit finance-equity finance, but, Chinese listed companies have shaped'a paradox theory of corporate financial preferences' for their typically showing of equity finance preferences. The thesis first emphatically analyzes the pratical manicfests and causes of the paradox theory and then points out. The malposition of control mechanism of corporation are the basic reason of producing the preference of equity finance. finally, the thesis brings up sereral ideas.