浅析我国企业筹资偏好问题

Analysis of Preference of Enterprise Financing

用成本收益分析和委托代理关系分析两种分析方法去解释企业的融资偏好问题,我们发现:企业偏好于股票融资并不是因为股票融资成本低,而是因为在内部人控制下,股票融资对管理者约束小,而债券融资对管理者约束性强。

At first,through the comparison between Chinese capital market and international market,we propose the subject that we are going to research into the preference of stock market when Chinese enterpries raise fund from the outside.And then,we analyze the problems in two ways, cost analysis and the principal—agent analysis.At last,we conclude that the preference of stock market is not because the cost is lower than bonds,but because it put less restriction on the inside.