新疆上市公司融资方式及影响因素研究

Empirical Analyze on Factors of Listed Company's Financing Options in Xin Jiang

本文以2011～2013年新疆主要上市公司面板数据为研究基础进行各融资方式影响因素的实证分析.分析发现,债券融资是新疆上市公司主要融资方式,且整体融资规模过大,说明新疆上市公司负债率偏高,存在融资风险;而内源性融资规模偏小说明新疆上市公司整体盈利能力有待提升.基础设施、新能源、高新技术类上市公司更倾向于债券融资,这与新疆地区宏观政策有关;而国有企业更容易获得银行贷款.股权融资存在不合理性,部分公司资本溢价过高.

This article classifies financing options as four styles, including debt financing, endogenous financ- ing, equity financing, short-term borrowings. Then the article analyzes the possible factors which may make influence on financing options in XinJiang. Based on 2011-2013 panel data of stock companies in XinJiang, the article makes empirical analysis. The analysis finds that bond financing is the main mode of financing of listed companies in Xinji- ang. The overall financing scale is too large. The small-scale of endogenous financing shows the profitability of listed companies in Xinjiang needs to be improved. Infrastructure, new energy, high-tech listed companies tend to choose bond financing, which is related to macroeconomic policy in Xinjiang. The state-owned enterprises tend to have more access to bank loans. Irrational equity financing also exist, part of the company capital premium is too high.