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-資料下載頁
2025-05-11 11:55本頁面
【導(dǎo)讀】市公司根據(jù)中國融資環(huán)境的一種合理的選擇。最后，針對公司的股權(quán)融資偏好提出了一些簡明。股票融資的比例，在比中國發(fā)達的資本市場中卻在下跌。以美國為例，當(dāng)美國企業(yè)需要的資金。美日企業(yè)債券融資占了境外融資的％，比股權(quán)融資高很多。閻達五等發(fā)現(xiàn)，大約中國3/4. 個是股票基金，第二個是可轉(zhuǎn)換債券，三是短期債務(wù)，最后一個是長期負債。常分析我國上市公司偏好股權(quán)是由于我們國家的經(jīng)濟改革所帶來的制度性因素。的這種偏好，并結(jié)合了非制度性因素和西方金融理論，嘗試解釋股權(quán)融資偏好的原因。我們可以稱之為資金成本。據(jù)測算，平均P/E的中國上市公司的股份比例為30和40，它也是。保持在20盡管最近有所下降，但根據(jù)經(jīng)驗正常的P/E比率應(yīng)低于20。至1988年在美國的P/E僅，香港只有10。本成本決定了分紅派息率和每股價格。比例減少了22％。上市公司大部分是由中國政府考慮。2020年３月底，其股票的市場價值在1120億。手和高通公司管理層采取保守態(tài)度的融資活動。
【正文】 he performance of 2020 for example, the weighted average EPS of 8 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。 the listed panies can even suffer from the financial distress caused by debt fund. So with the consideration of shareholders’ interest, the listed panies prefer to equity fund when need outside financial support in China. 6. Shareholding structure factors and preference to equity fund Listed panies not only face to external financing environmental impacts, but also the structure of the panies shares. Shareholding structure of Chinese listed panies shows characteristics as followed: I. Ownership structure is fairly plex. In addition to the public shares, there are shares held with inland fund and foreign stocks, stateowned shares, legal person shares, and internal employee shares, transferred allotted shares, A shares, B shares, H shares And N shares, and other distinction. From 1995 to 2020, Chinese panies’ outstanding shares of the total equity share almost have no change, even declined slightly. II. There are different prices, dividends, and rights of shares issued by same enterprise. III. The overconcentration of shares. We use the quantity of shares of the three major shareholders who top the list of shareholders of the listed panies to measure the concentration of stock. We study he concentration of stock of these panies which issue new share publicly in the years from 1995 to 2020 and focus on the situation of Chinese listed panies over the same period. The results showed that: from 1995 to 2020, the panyWhich once transferred or allotted shareswhose top three shareholders’ shareholding ratio are generally higher than the average level of all the listed panies, and most of these pany39。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。s concentration of ownership structure, the pany39。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.
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