我國上市公司融資偏好影響因素研究

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摘要：資金被譽為企業(yè)的“血液”，作為上市公司生存發(fā)展的重要物質基礎，對于公司的可持續(xù)經(jīng)營意義非凡。無論上市公司的經(jīng)營范圍和規(guī)模如何，都不能離開適當?shù)目芍滟Y金的支持。因此，充足的資金能夠促使其的經(jīng)營、投資決策產(chǎn)生更高的執(zhí)行效率，但同時，上市公司在獲取資金，即融資時又面臨著如何選擇融資方式、規(guī)劃融資規(guī)模和順序的問題。上市公司的融資途徑根據(jù)不同的劃分標準可以劃分為多種方式，例如按照融資時否需要中介機構劃分，上市公司融資可分為直接融資和間接融資，按照資金來源方式劃分為內(nèi)源融資和外源融資。而企業(yè)選擇何種融資方式、以何種順序進行融資，即企業(yè)的融資偏好選擇時會因不同情況而產(chǎn)生不確定。本文關于上市公司融資偏好影響因素的研究，可以比較綜合、系統(tǒng)的分析出上市公司融資時會受哪些因素影響，進而幫助企業(yè)在融資時選擇合理的融資方式、結構和規(guī)模，最終的目的就是希望企業(yè)在融資時避開“常見陷阱”，并為企業(yè)今后遇到類似問題時提供借鑒，為我國金融市場的良好發(fā)展提供相關的理論依據(jù)。

關鍵詞：上市公司 融資偏好 影響因素 對策


Abstract:Enterprise funds known as "blood" , as an important material basis for the survival and development of listed companies for the sustainable management of the company's significance. No matter how the listed company's business scope and scale , we can not leave adequate available funds support. Therefore , adequate funding can promote their business , generate higher investment decision efficiency , but , a listed company to obtain funds , which finance faced with how to choose the time and the problem of financing , planning and financing scale and order. Financing of listed companies classified according to different criteria can be divided into a number of ways , for example in accordance with the agency when the need financing division , the financing of listed companies can be divided into direct and indirect financing , according to sources of the way into the source of funds and external financing source of financing. The choice of corporate financing , and in what order to finance , due to uncertainty arising from different situations that corporate financing preference selection. This paper studies the impact of factors on the financing of listed companies prefer , you can more integrated , what factors will be affected by the analysis of the system of financing of listed companies , to help companies choose the right financing in the financing, structure and size , the ultimate aim is to hope enterprises avoid the " common pitfalls " in the financing , and provide a reference when you encounter the same problem for the enterprises in the future , provide a good theoretical basis for the development of China's financial markets.
Key words:Listed companies Financing Preference Factors Corrective measures

目 錄
引言…………………………………………………………………………………3
1 相關理論概述 ………………………………………………………………3
1.1 融資………………………………………………………………………… 3
1.2 融資方式…………………………………………………………………… 4
1.2.1 融資方式分類………………………………………………………… 4
1.2.2 具體融資方式………………………………………………………… 4
1.3 融資偏好于融資結構……………………………………………………… 5
1.3.1 融資偏好……………………………………………………………… 5
1.3.2 融資結構……………………………………………………………… 5
1.3.3 資本結構……………………………………………………………… 6
1.4 融資效應…………………………………………………………………… 6
2 我國上市公司融資方式現(xiàn)狀分析 ………………………………………7
2.1 數(shù)據(jù)分析…………………………………………………………………… 7
2.1.1 財務指標分析……………………………………………………………7
2.1.2 資本結構分析………………………………………………………… 7
2.2 融資偏好現(xiàn)狀效應分析…………………………………………………… 8
2.2.1 公司治理方面………………………………………………………… 8
2.2.2 社會效應方面………………………………………………………… 9
3 上市公司融資偏好的影響因素分析………………………………… 10
3.1 外部因素……………………………………………………………………10
3.1.1 資本市場不完善………………………………………………………10
3.1.2 政府行政干預…………………………………………………………11
3.1.3 監(jiān)管考核不合理………………………………………………………11
3.2 內(nèi)部因素……………………………………………………………………12
3.2.1 公司治理結構因素……………………………………………………12
3.2.2 公司融資成本因素……………………………………………………13
4 改善我國上市公司融資偏好的建議與措施 …………………………14
4.1 宏觀調整……………………………………………………………………15
4.1.1 加強制度化、法制化管理……………………………………………15
4.1.2 規(guī)范政府行政干預……………………………………………………16
4.1.3 加強有效的市場監(jiān)督 ……………………………………………… 16
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