經(jīng)濟(jì)管理專業(yè)外文翻譯----中國上市公司偏好股權(quán)融資：非制度性因素-企業(yè)融資(文件)
【正文】 l of profitability will get higher level of EPS because debt fund produces more profit for shareholders than interest shareholder shall pay. On the contrary, these panies which have low level of profitability will get lower level of EPS by use of debt fund because debt fund can not produce enough profit for shareholder to fulfill the demand of paying off the interests. Edison International Company has steady amount of customers and many intangible assets, these supply it with high level of profitability and ability to gain debt fund, its debt account to % proportions of its total assets in 1999. Listed panies in developed countries or regions always have high level of profitability. Take US for example, there are many listed panies which have excellent performance in American capital market when do business, such as Morgan, its EPS is $ per share in 1999. Besides it, GM, GE, Coca Cola, IBM, Intel, Microsoft, Dell etc. all always are profitable. In Hong Kong, most of those panies whose stock included in Hang Seng Index have the level of EPS more than 1 HKD, many are more than 2 HKD. Such as Cheung Kong (Holdings) Limited, its EPS is HKD. But listed panies do not have such excellent performance in profitability in China inland. Their profitability is mon low. Take the performance of 2020 for example, the weighted average EPS of total listed panies is only Yuan per share, and the weighted average P/B is Yuan per share, percents of these listed panies have negative profit. With low or no profit, the benefit can be gained from debt fund is very little。s financing policy is largely controlled by the major shareholders. Chinese listed panies’ special shareholding structure effects its financing action. Because stockholders of the stateowned shares, legal person shares, social and outstanding shares, foreign share have a different objective function, their modes of financing preferences vary, and their preference affect the financing structure of listed panies. Controlling shareholders which hold stateowned shares account for the status of enterprises and carry out financing decisions in accordance with its own objective function. When the objective function conflict with the other shareholders benefit, they often damage the interests of other shareholders by use of the status of controlling. As the first major shareholders of the panies, government has multiple objectives, not always marketoriented, it prefers to use safe fund such as equity fund to maintain the value of stateowned assets, thus resulting in listed pany’s preference to equity financing. Debt financing bring business with greater pressure to pay off the par value and interests. Therefore, the stateowned pany showing a more offensive attitude to debt fund, again because of Chinese statecontrolled listed panies have the absolute status in all listed panies, listed panies’ preference to equity fund is a reasonable phenomenon. 。s top three shareholders holding 40 percent or higher percent of panies’ shares. In some years, the maximum number even is more than 90 percent, indicating that the pany with the implementation of transferred and allotted shares have relatively high concentration rate of shares and major shareholders have absolute control over it. In short, transferring allotting shares and the issuance of additional shares have a certain relevance to the pany39。 they only chase capital gain and don’t want to hold the stocks in a long time and receive dividends. Thus the listed panies can gain fund with its fund cost being lower than capital cost. But in our national capital market, capital cost of equity fund is very low。當(dāng)與其他股東的利益目標(biāo)
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