影响我国上市公司融资策略因素的实证分析

Empirical Analysis of the Factors That Affect the Financing Strategy of Chinese Public Companies

从契约经济学的角度来讲,上市公司的融资结构也是一种治理结构。西方融资结构理论认为,债务作为一种对管理当局的硬约束比股权有着更高的治理作用,因此,加大债务比率有利于治理效率的提高。从美国目前的情况来看,发行债券融资是企业的首要选择。在我国,由于制度的不完善和历史遗留问题造成了我国上市公司融资行为的扭曲。本文以现代融资结构理论为基础对我国上市公司的融资现状及形成原因进行了总结,并运用统计理论对我国上市公司制订融资决策的影响因素进行了实证分析,加深了我们对上市公司融资偏好及其造成结果的认识,在文章的最后提出了规范上市公司融资行为的合理化建议。

In the view of contract economics, the capital structure of public corporation is also a kind of governance structure. The western capital structure theory thinks that debt as a kind of hard restriction to management authority has more efficient role than equity, so increasing debt scale is good for governance efficiency' increasing. Selling bonds is the primary financing choice for American corporation. In our country, system disfigurement and historical question contort our public corporation' financing behavior. This paper summarize the present financing situation of our country' s public corporations and its reason on the basis of modern capital structure theory. Meanwhile, this paper analyzes the factors that affect public corporation' s financing strategy by the application of statistical approach. In the end of the paper, we make out many suggestions to standardize public corporation' s financing behavior.