毕业论文:我国上市公司融资偏好影响因素及实证研究
摘要
企业融资是企业财务管理中的一个重要的组成部分,不同的融资方式形成了不同的资本结构。进而不仅影响到企业的长远发展,也会影响到资本市场的健康发展。基于我国现在的资本市场不够发达的现状,我国上市公司融资结构的突出特点就是偏好股权融资,而内源融资和债务融资的比重偏低,这使得我国上市公司的融资行为与_发达国家截然不同,有悖于资本结构理论。
另外,随着我国经济的不断发展,及我国股权分置改革的逐步完成,股票市场在国民经济中占据着越来越重要的地位。因此改革研究目前我国上市公司的融资行为,发现共同存在的问题,对于规范我国上市公司的融资行为,完善企业制度,促进资本市场的健康发展有着极其重要的意义。
本文首先回顾了融资理论及国内相关研究分析。后根据国内外数值对比得出我国的上市公司的股权融资偏好问题。其次采用回归分析,对可量化的上市公司融资偏好的影响因素进行实证分析。
关键词:资本机构 融资偏好 回归分析
Abstract
The Enterprise financing to enterprise financial management is an important part of the financing way, different form the different capital structure. And then not only affect the long-term development o
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companies in China, which makes the financing behavior of western developed countries are entirely different, bucking capital structure theory.
In addition, with Chinas economic development, and our country reform of non-tradable shares of stock market gradually completing in national economy plays a more and more important role. So reform of the listed companies in China at present, find common financing behavior, the e*isting problems of the listed companies in China to standardize the financing activities, improve enterprise system, promoting the healthy development of the capital market is very important.
This paper first reviews the financing theory and related research
the
Enterprise financing of enterprise financial management is an important part of the financing way, different form the different capital structure. And then not only affect the long-term development of the enterprise, also can affect the healthy development of the capital market. Based on Chinas current capital market, the present situation of the underdevelopment of listed companies in China is the outstanding characteristic of financing structure, and preference equity financing internal financing and debt financing relatively low proportion of listed companies in China, which makes the financing behavior of western developed countries are entirely different, bucking capital structure theory.
In addition, with Chinas economic development, and our country reform of non-tradable shares of stock market gradually completing in national economy plays a more and more important role. So reform of the listed companies in China at present, find common financing behavior, the e*isting problems of the listed companies in China to standardize the financing activities, improve enterprise system, promoting the healthy development of the capital market is very important.
This paper first reviews the financing theory and related research analysis. According to the numerical comparison at home and abroad after that Chinese companies listed equity financing the preferences problem. Secondly by regression analysis, the listed company of quantifiable influence factors of financing preference empirical analysis.
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