论文部分内容阅读
近年来的相关研究表明中国上市公司在进行再融资时偏好的融资顺序与西方上市公司完全不同,即与著名的“啄食顺序理论”所提出的从内源到外源的融资顺序相悖,中国上市公司具有独特的股权融资偏好。本文从中国上市公司融资现状出发,旨在分析上市公司融资偏好的成因及其带来的影响。并认为中国上市公司的融资偏好主要形成于股权融资资金成本对公司融资行为的软约束。
In recent years, relevant research shows that the preferred financing order of listed companies in China when refinancing is completely different from that of western listed companies, which is contrary to the financing order from the inside source to the exogenous source proposed by the famous “pecking order theory”. China Listed companies have a unique preference for equity financing. This article starts from the current situation of financing of listed companies in China, and aims to analyze the causes of the financing preference of listed companies and their impact. And thinks that the financing preference of listed companies in China is mainly formed by the soft constraint of financing cost of equity financing on corporate financing behavior.