本文關(guān)鍵詞：中國(guó)上市公司融資啄序再討論　出處：《復(fù)旦大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

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【摘要】：1990年中國(guó)證券市場(chǎng)開埠以來(lái),上市公司的融資結(jié)構(gòu)與偏好始終是國(guó)內(nèi)學(xué)術(shù)研究的核心問(wèn)題之一。與發(fā)達(dá)市場(chǎng)“先內(nèi)部再外部,重債權(quán)輕股權(quán)”的融資啄序不同,中國(guó)學(xué)者發(fā)現(xiàn)國(guó)內(nèi)上市公司具有“先外部再內(nèi)部,輕債權(quán)重股權(quán)”的融資偏好并探討了其形成原因。 本文對(duì)2003年以來(lái)中國(guó)上市公司的融資結(jié)構(gòu)進(jìn)行了梳理,研究發(fā)現(xiàn)上市公司的主要融資渠道仍是以貸款為代表的外部融資,但內(nèi)部融資占比正逐年提高；在直接融資中,股權(quán)融資占比遙遙領(lǐng)先。但自2007年《公司債券發(fā)行試點(diǎn)辦法》頒布以來(lái),公司債券市場(chǎng)逐步完善、發(fā)行規(guī)模不斷擴(kuò)大,債券融資占比迅速提高,并于2012年首度超越股權(quán)融資成為上市公司最重要的直接融資渠道,“股權(quán)融資偏好”發(fā)生逆轉(zhuǎn)。 本文正是從上市公司股權(quán)融資偏好逆轉(zhuǎn)這一現(xiàn)象出發(fā),立足理論,以大量歷史數(shù)據(jù)為基礎(chǔ),選取可能影響上市公司再融資選擇的因素,分別構(gòu)建多元線性回歸模型、Logit回歸模型,深入探討了公司內(nèi)外部融資決策、債權(quán)股權(quán)融資決策的動(dòng)因并加以分析,并根據(jù)研究結(jié)果,為優(yōu)化公司融資結(jié)構(gòu)、提高資源配置效率提出了相應(yīng)的政策建議。
[Abstract]:In 1990 China stock market since its inception, the financing structure and preference of listed companies is one of the core problems in domestic academic research. With the developed market "first and then the internal external light heavy debt to equity" pecking order, Chinese scholars found that domestic listed companies with "internal external debt, equity financing preference weight" and to explore its causes.
This paper summarizes the financing structure of listed companies Chinese since 2003, the study found the main financing channels for listed companies is still on loan as the representative of the external financing, but internal financing accounted for ratio is increasing year by year; in direct financing, equity financing accounted for the way ahead. But since 2007, "corporate bond issuance pilot approach" has been enacted, the corporate bond market is gradually improved, the issue continues to expand the scale of bond financing accounted for the rapid increase, and in 2012 for the first time beyond the equity financing of listed companies has become the most important channel of direct financing, equity financing preference "reversed.
This paper is starting, this phenomenon is reversed from the equity financing preference of listed companies based on the theory, with a large number of historical data as the basis, select the factors that may affect the refinancing of listed companies choose, respectively, to construct multiple linear regression model, Logit regression model, discussed the company's internal and external financing, equity financing and debt decision motivation analysis, according to the research results, to optimize the financing structure of the company, put forward the corresponding policy recommendations to improve the efficiency of resource allocation.

【學(xué)位授予單位】：復(fù)旦大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F275;F832.51

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本文編號(hào)：1387336