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(參考版)
2025-05-16 11:55本頁面
【正文】 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。 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 7 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, 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’s owning 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 is 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 l
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