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-文庫(kù)吧資料
2025-05-21 11:55本頁(yè)面
【正文】 isted 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 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 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。 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。債務(wù)融資 為還清票面價(jià)值和利息 帶來(lái) 了 更大的壓力，因此，國(guó)有企業(yè) 對(duì)債券資金 呈現(xiàn)出較為進(jìn)攻的態(tài)度，又因?yàn)橹袊?guó)國(guó)有控股上市公司在所有上市公司 中 的絕對(duì)地位，上市公司偏好股權(quán) 成為了一種 合理的現(xiàn)象。當(dāng)與其他股東的利益目標(biāo)的沖突 時(shí) ，他們往往損害了其他股東的利益。由于國(guó)有股，法人股，社會(huì)流通股，外資股 的股東 有不同的目標(biāo)，融資偏好的方式各不相同，他們的偏好影響上市公司的融資結(jié)構(gòu)?？傊?，轉(zhuǎn)讓股份及配發(fā)額外股份發(fā)行的相關(guān)公司的 所有權(quán)集中 結(jié)構(gòu) 和 公司的融資政策，主要是受大股東 的控制。 結(jié)果表明： 1995 至 2020 年，公司的 每 一次轉(zhuǎn)讓或分配的股份，其前三大股東持股比例一般都高于全部上市公司的平均水平，以及這些公司的前三大股東大多數(shù)持有 40％ 或更高的公司的股份。 我們 利 用的 持股數(shù)量 ，以衡量股權(quán)集中的主要股東的股份數(shù)量。二 ， 由同一企業(yè)發(fā)行 有不同的價(jià)格，股息 和權(quán)利 的股票。除了社會(huì)公眾股，也有與內(nèi)地和海外股票基金，國(guó)有股持股，法人股和內(nèi)部職工股，轉(zhuǎn)配股， A股， B股， H股和 N股，以及其他。 六、 股權(quán)結(jié)構(gòu)和股權(quán)融資偏好 上市公司不僅要面對(duì)外部融資環(huán)境的影響，而且 還受到 這些公司的股權(quán)結(jié)構(gòu) 的影響 。上市公司甚至可 能遭 受債務(wù)資金所造成的財(cái)務(wù)危機(jī)。但是， 中國(guó)內(nèi)陸的 上市公司沒有優(yōu)良的盈利能力 ， 他們的盈利能力 4 普遍較低。在香港，這些公司的股票納入恒生指數(shù)的 每股盈利 有超過 1港元的水平，許多人都超過 2港元。以美國(guó)為例，在美國(guó)資本市場(chǎng) 有許多表現(xiàn)優(yōu)秀的上市公司 ，如 JP摩根，其 1999 年每股收益為每股 。 1999年， 愛迪生國(guó)際公司具有穩(wěn)定的客戶量和許多無(wú)形的資產(chǎn)，這些 提供 了高層次的 盈利能力來(lái)獲得債務(wù) 資金 ，其債務(wù)占 其總資
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