摘要
现代企业融资理论揭示了企业融资顺序是内源融资、短期债务融资、长期债务融资、股权融资。但是,由于我国股权融资成本偏低、股权结构不合理、金融市场不完善、产权主体缺位和内部人控制现象严重,出现了我国上市公司对股权融资的强烈偏好。分析我国股权融资偏好的原因及解决问题的思路,对于推动我国上市公司今后进一步规范化发展和治理结构的完善将起到积极作用。
Modern business financing theory discloses that the financing order for firms is as follows: internal source financing, short-term liability financing, long-term liability financing, and share equity financing. But because of excessively low cost of share equity financing in China, unreasonable share equity structure, imperfect financing market, absence of equity main body and serious inner person controlling, there is a strong preference to share equity financing for listed companies in China. To analyze the reason for this preference and solution to it will play a positive role in promoting China’s listed companies normalized development in future and consummation of these governance structure.
出处
《河南金融管理干部学院学报》
2005年第3期92-95,共4页
Journal of Henan College of Financial Management Cadres
关键词
股权融资
债券融资
股权结构
产权
share equity financing
bond financing
share equity structure
financing preference
