中国上市公司的恶意融资问题研究

A Research on Vicious Financing of Li sted Companies in China

在把这种不是为了寻求公司价值最大化、投资者投资收益最大化和成本最小化,而是为了攫取公司利益相关者(公司流通股股东、债权人、公司职工)的合法权益而进行的不计成本和风险的融资行为界定为"恶意"融资后,用实证方法描述了"恶意"融资的表现,并认为大股东进行利益攫取、股权融资成本偏低、制度和政策不健全是上市公司恶意融资的原因。最后指出恶意融资会产生资本配置效率低下、股权结构不合理、内部人控制等影响,同时提出对策建议。

After defining such an action is not t o seek to maximize the firm' s value and the investors' return to minimize cost but to grab the underly ing Stakeholders' legal interest(the common stockholders,bondholder and the worker)as'Vicious Financingof Listed Companies in China,the performance of'Vicious Financingis described with empirical test method.Big stoc kholder' s misappropriating others' benefit,the lower cost of equity fin ancing,faultiness principle and policy imp erfection is regarded as the reason o f existing Vicious Financing.The paper draws a conclusion that the Vicious Financing may result in the low efficient ca pital allocation,unreasonable equ ity structure and insiders control.Cou ntermeasures are suggested.