經(jīng)濟(jì)管理專業(yè)外文翻譯----中國(guó)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(yè)
2025-05-11 19:16本頁(yè)面
【導(dǎo)讀】因，并得出結(jié)論，股權(quán)融資偏好是上市公司根據(jù)中國(guó)融資環(huán)境的一種合理的選擇。最后，針對(duì)公司的股權(quán)融資偏好提出了一些簡(jiǎn)明的建議。在這三年，股票融資的比例，在比中國(guó)發(fā)達(dá)的資本市。以美國(guó)為例，當(dāng)美國(guó)企業(yè)需要的資金在資本市場(chǎng)上，于股權(quán)融資。統(tǒng)計(jì)數(shù)據(jù)顯示，從1970年到1985年，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(dá)五等發(fā)現(xiàn)，大約中國(guó)。許多研究人員通常分析我國(guó)上市公司偏好股權(quán)是由于我們國(guó)家的。經(jīng)濟(jì)改革所帶來(lái)的制度性因素。他們認(rèn)為，上市公司的融資活動(dòng)違背了西方古典。我們應(yīng)該了解，這種“資本成本”的概。從投資者的風(fēng)險(xiǎn)投資產(chǎn)生的收益風(fēng)險(xiǎn)率。為，他們只追逐資本收益，不希望長(zhǎng)期持有的股票和分紅。得到其資金成本比資本成本低是基金。據(jù)測(cè)算，平均P/E的中國(guó)上市公司的股份。高P/E比率意味著高的股票發(fā)行價(jià)格，權(quán)益資金成本下降，即使考慮。上市公司大部分是由中國(guó)政府考慮到。2020年３月底，其股票的。市場(chǎng)價(jià)值在1120億美元，但長(zhǎng)期負(fù)債的數(shù)量是零。
【正文】 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。 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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