| 上市公司逆向融资偏好分析 |
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| 引用本文： | 盖红杰.上市公司逆向融资偏好分析[J].烟台职业学院学报,2004,10(2):11-14. |
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| 作者姓名： | 盖红杰 |
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| 作者单位： | 烟台教育学院,经贸系,山东,烟台,264003 |
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| 摘 要： | 西方现代融资结构理论中的融资定律认为 :企业融资应首选内源融资 ,外源融资应首选举债 ,然后才是发行股票。而分析我国上市公司的相关数据时 ,看到的却是上市公司融资中存在着严重的逆向选择偏好。这种偏好的形成与上市公司融资制度、融资成本以及我国公司债券市场的发展密切相关 ,对上市公司资本的使用效率、公司治理、证券市场资源配置功能以及国家的宏观货币政策的实际效果都产生了不良的影响。只有通过从根本上加强宏观制度建设 ,按照规范的现代企业制度来完善公司治理结构 ,以及大力发展和完善公司债券市场才能矫正这种现象
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| 关 键 词： | 股权融资 债权融资 逆向融资偏好 |
| 文章编号： | 1672-3740(2004)02-0011-04 |
An Analysis of The Reverse Financing Favouritism of Listed Companies |
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| GAI Hong-jie.An Analysis of The Reverse Financing Favouritism of Listed Companies[J].Journal of Yantai Vocational College,2004,10(2):11-14. |
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| Authors: | GAI Hong-jie |
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| Abstract: | The financing law in the western modern financing structure theory thinks : Enterprise financing should choose endogenous financing first, other source financing should elect the debt for the first time , then issue stocks. And while analyzing the relevant data of the listed company of our country, I saw there are serious reverse choices among the financing of listed company.This phenomenon has relation ship with the finance system,cost and the development of boand market in our country. The actual effects of managing in the company, security market resource distribution function and macroscopical monetary policy of the country have all exerted a bad influence. Only through strengthening the macroscopical institutional improvement fundamentally, perfecting company's administration structure according to the normal modern enterprise system, and developing the bond market of the company could correct this kind of phenomenon energetically. |
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| Keywords: | stock right financing creditor's rights financing reverse financing favouritism |
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