论资本成本的不同约束性对中外公司融资偏好的影响

Difference restrictedness of cost of capital & influence of financing preference on Chinese and foreign corporations

鉴于我国公司的融资偏好与西方国家完全相反,黄少安、张岗在《中国上市公司股权融资偏好分析》一文中认为其直接动因在于股权融资的成本大大低于债务融资的成本,但同时在文中对资本成本与融资成本这两个不同的概念进行了混用,进而甚至可以推论出公司股权融资的资本成本小于债券融资的资本成本这一足以推翻资本资产定价模型(CAPM)的"革命性"结论。本文明确区分了作为投资者所要求的必要收益率的资本成本与公司实际筹资所付出的融资成本这两个完全不同的概念,在此基础上通过定性和定量的研究发现:我国公司融资偏好与西方国家不同的直接原因在于我国公司的资本成本的软约束性,其深层次上的主要原因是投资者缺乏投资意识和资本市场缺乏退市机制。

Considering financing preference in Chinese corporations is totally contrary to that in western countries,Huang Shaoan and Zhang Gang, in the article《The Analysis of Equity Financing in China Listed Corporations》, think that the direct motivation lies in that the cost of equity financing is much more lower than that of bond financing. At the same time, in this article,they mix up in using the two different concepts,the Cost of Capital(COC) and the cost of financing. What is more, they can even reach the `revolutionary' conclusion , which sufficiently overthrows CAPM, that the COC of equity financing is less than that of bond financing. This article clearly differentiates the two concepts, the COC incurred in achieving return ratios, which is necessarily desired by investors, and the cost of financing actually paid by the corporations. Based upon this, quantitative and qualitative research has been conducted and it is found that the direct reason why the financing preference in Chinese corporations is different from that in western countries lies in the loose restrictedness of COC in corporations of our country. The deeper reasons are the lack of investment sense of investors and that of withdrawing mechanism from capital market.