上市公司股权融资倾向分析

Analysis on Stock Financing Tendency of Listed Companies

根据国外的融资结构理论和实践,企业融资的顺序是:内部融资、债券融资、最后才是股票融资。在我国,企业融资顺序为股权融资、银行借款、债券融资。本文以上市公司市场价值为因变量,以资产负债率、股本流通性和公司业绩为解释变量建立经济计量模型。回归分析结果显示企业价值与资产负债率和资产收益率正相关,与流通股比例负相关。提出现阶段应大力发展企业债券市场、加大股本流通性,重视机构投资者建设。

According to the financing theory and practice abroad, financing order is financing inside, bond and stock. While in China, the order is stock, loan from bank and bond. Value of listed companies is used as be explained variables; negotiability of stocks, asset and liability rate and yield of asset are used as explain variables to found a computation model in this article. The result of regression shows that value of listed companies is positively correlated with asset and liability rate and yield of asset, and is negatively correlated with the ration of floating stock. At present the construction of investment organization should be emphasized.