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根据2006~2009年连续4年的融资结构数据,我国民营上市公司融资选择与“啄序理论”相反,即先外源后内源融资。在外源融资上,它们几乎不采用债券融资,偏好于商业信用、短期借款和股权融资;在内源与外源融资的选择上,总体上则更偏好于外源融资,且利用短期融资工具能力远强于利用长期融资工具的能力。同时,基于股权融资效应分析,实证得出股权融资对民营上市公司的业绩有负面影响,进而提出改善其融资结构的若干措施。
According to the financing structure data of four consecutive years from 2006 to 2009, the financing choice of private listed companies in our country is opposite to that of “pecking order theory”, that is, the source financing is exogenous and exogenous. In terms of exogenous financing, they rarely use bond financing, preferring commercial credit, short-term borrowing and equity financing; in terms of endogenous and exogenous financing options, they generally prefer external financing and utilize short-term financing tools Much stronger than the ability to leverage long-term financing tools. At the same time, based on the analysis of equity financing effect, the empirical results show that equity financing has a negative impact on the performance of private listed companies, and then put forward some measures to improve its financing structure.