[雙語翻譯]--外文翻譯--上市公司股權融資偏好制度因素分析（原文）

1、Chapter 128 Institutional Factors Analysis of Listed Company’s Equity Financing Preference: Based on the Latest Data of Listed Company in Manufactory IndustryJianqiang Guo, Hang Zhang and Hongna WangAbstract In order to

2、analyze the influence of institutional factors on listed company’s equity financing preference, this paper collects the data of manufac- turing companies during 2003–2010 in China’s A-share market, which has begun to tak

3、e shape after several years of rapid development. The paper mainly analyzes the role of control properties, equity structure and price earnings ratio in the company’s financing preference. The statistical regression resu

4、lts show that dif- ferent control property will result in different financing preferences of the listed companies. And only equity structure and price earnings ratio are combined with control property. They would play a

5、role in company’s financial structure. It argues that this is mainly because of the main body of the listed company is restructured state-owned enterprises, which are controlled by state capital. So the choice of financi

6、ng mode reflects the will of the managers. This paper provides important reference to the whole stock market and capital market.Keywords Financing preference ? Control property ? Equity structure128.1 IntroductionThe fin

7、ancing structure of listed companies in developed countries generally fol- lows the pecking-order theory of Myers and Majluf (1984). A firm’s financing order is retained earnings, debt and equity. Based on the study of C

8、hinese listed companies’ financing preference, scholars found that Chinese listed companies prefer equity financing rather than debt financing. The formation of the equity financing preference of listed companies in Chin

9、a is strongly linked to institutionalJ. Guo (&) ? H. Zhang ? H. Wang School of Business, Shandong University, Weihai, China e-mail: gjq939@163.comW. E. Wong and T. Ma (eds.), Emerging Technologies for Information Sys

10、tems, Computing, and Management, Lecture Notes in Electrical Engineering 236, DOI: 10.1007/978-1-4614-7010-6_128, ? Springer Science+Business Media New York 20131147obtain financing return from the equity financing [7].

11、Xiao Zuoping and Hong Zheng explicitly pointed out that the equity structure was an important factor in the company’s capital structure [8]. Huang Shaoan and Zhang Gang pointed out that there were internal control proble

12、m in the listed companies [9]. Managers will choose equity financing in order to obtain control benefits and avoid the risk of bankruptcy. And because of the proportion of managerial ownership is very low or even zero, m

13、anagers choose equity financing would not affect their control, and would protect them from the ‘‘hard constraints’’ of liabilities [10]. Recently, scholars are interested in the institutional factors more and more. This

14、 paper will provide a systematic analysis of the equity financing preference from the view of institutional factors on China’s special background.128.3 Research Design128.3.1 Variables SetThis paper selects debt-to-long

15、capital ratio as financing preference proxy variable, or explained variable (represented by Debt). In addition, we apply institutional factors proxy variable as explanatory variable. The following variables are mainly in

16、cluded: (1) PE ratio (represented by Pe). Despite the low PE ratio is worth to be invested for people, however, from the shareholders and managers’ perspectives, high PE ratio is more suited to their interests. Therefore

17、, this paper forecasts PE ratio and debt-to-long capital exert negative correlation. (2) Ownership concen- tration and level of managerial share ownership. Governance structure of our listed companies is not perfect, mai

18、nly reflected by serious phenomenon that one shareholder or a few shareholders control stakes. This paper forecasts the first large proportion of shareholding and debt-to-long capital exerts negative correlation. From th

19、e view of benefit maximization, low level managerial share ownership (represented by Manage) leads company manager to prefer equity financing. So this paper forecasts the coefficient is positive. (3) Actual controller pr

20、operty (represented by Contrl). This paper introduces the dummy variables of actual controller property. 1 stands for state-owned capital holding, while 0 stands for other capital holdings. This paper cannot forecast sym

21、bol, only data can illustrate the problem. Finally, according to the research conclusions of domestic and for- eign scholars, we select five control variables to regulate the impact of other factors on equity financing p

22、reference in empirical research, they are company size (represented by Size), profit rate to net worth (represented by ROA), tangible asset rate (represented by Tang), increase rate of business revenue (represented by Gr

23、_oi), actual income tax rate (represented by Tax). The paper forecasts there is positive correlation between debt-to-long capital ratio and actual income tax rate, debt-to-long capital ratio and tangible asset rate. As f