摘要
本文通过实证研究,表明我国上市公司的再融资顺序依次为:内源融资,股权融资,债权融资。结论并不支持权衡资本结构理论和代理成本学说;对照西方再融资顺序理论,内外部融资偏好是一致的,而在股权和债权的融资顺序上并不适用。因此提出建议:切实提高上市公司内源融资能力;开拓和发展公司债券市场;改革公司治理结构,寻找最优资本结构,使上市公司再融资顺序趋于合理化。
This paper makes pragmatic study on the refinancing order of listed corporation in China. The results show that order is internal financing, equity financing and debt financing. It does not submit to the equilibrium theory of capital structure and the theory of agency cost. Compared with the theory of refinancing order theory in Western, it is concerted to the preference of internal and external financing, and not concerted to the order of equity financing and debt financing. Therefore, It is suggested that it is necessary to strengthen ability to internal financing; to develop the market of corporation bonds; to reform governance structure of corporation, to seek optional capital structure and to make refinancing order of listed corporation reasonable
关键词
上市公司
再融资顺序
实证研究
再融资
影响因素
政策
refinancing order
internal financing
debt financing
equity financing
capital structure
