會(huì)計(jì)學(xué)外文翻譯--中國(guó)上市公司偏好股權(quán)融資：非制度性因素-全文預(yù)覽
【正文】 rate of returns arising from the investors’ risk investment. It is different with financing cost in essence. Financing cost is the cost arising from enterprises’ financing activities and using fund, we can call it fund cost. If capital market is efficient, capital cost should equal to fund cost, that is to say, what investors gain in capital market should equal to what fund raisers pay, or the transfer of fund is inevitable. But in an inefficient capital market, the price of stock will be different from its value because of investors’ action of speculation。 value arising from tax benefit, cost of financial embarrassment and agency cost. Cost of financial embarrassment and agency cost are negative correlative to the types and qualities of panies’ assets, if the enterprise has more intangible assets, more assets with lower quality, it will has lower liquidity and its assets have lower mortgage value. When this kind of enterprise faces to great financial risk, it will have no way to solve its questions by selling its assets. Furthermore, because care for the ability of turning into cash of the mortgage assets, the creditors will high the level of rate and lay additional items in financial contract to rule the debtor’s action, all of those will enhance the agency cost and deduce the panies value. Qualm is supplier of wireless data and munication service in America, it is the inventor and user of CDMA and it also occupies the technology of HDR. The market value of its share is 1120 billions dollars at the end of March, 2020, but the quantities of longterm liabilities is zero. Why? Some reasons may be that there are some petitors in the market who own analogous technologies and the management of Qualm Company takes conservative attitude in financing activities. But the most important factor may be Qualm Company owns a mass of intangible assets which will have lower convertibility and the pany’s value will decline when it has no enough money to pay for its debt. Many listed panies in China are transformed from the national enterprises. In the transformation, these listed panies take over the highquality assets of the national enterprises, but with the development of economy, some projects can not coincide with the market demand and the values of relative assets decline. On the other hand, there are many intangible assets in new hightech panies. Stateowned panies and hightech panies are the most parts of the capital market. We can conclude that the qualities of listed panies’ assets are very low. This point is supported by the index of P/B (PricetoBook value) which is usually thought as one of the most important indexes which can weigh the qualities of the listed panies’ assets. According to statistic data ing from Shenzhen Securities Information Company, by the end of November 14, 2020, there were 412 panies whose P/B is less than 2, take the 30% proportions of total listed panies which issue Ashare in China, among them, there were 150 panies whose P/B is less than , and weighted average P/B of the stock market is . Lower qualities of assets means more cost may be brought out from debt fund and lower total value of the listed panies. Thus the listed panies prefer to equity fund when need outside financial support in China. 4. Profitability and preference to equity fund Financial Leverage Theory tells us that a small change in pany’s profit may make great change in pany’s EPS (Earnings per share). Just like leverage, we can get an amplified action by use of it. Debt fund can supply us with this leverage, by use of debt fund, these panies which have high level 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
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