基于股權(quán)結(jié)構(gòu)的中國上市公司融資行為研究.pdf

1、石河子大學(xué)碩士學(xué)位論文、。911858基于股權(quán)結(jié)構(gòu)的中國上市公司融資行為研究研究生指導(dǎo)教師申請學(xué)位門類級別學(xué)科、專業(yè)名稱張燕秦江萍教授管理學(xué)碩士農(nóng)業(yè)經(jīng)濟(jì)管理研究方向財(cái)務(wù)會計(jì)所在學(xué)院經(jīng)貿(mào)學(xué)院中國新疆石河子2005年10月AstudyonthefinancingbehaviorsofthelistedcompanyinchinabasedontheshareholdingstructureMasterCanditate：zhangyanSu

2、pervisor：ProfessorQinJiangpingAbstract：ListedcompaniesiUChinaareinclinedtoequityfinancingwhilethewesterntheoryandproofstudies，apreferencetointemalfinancing，debtfinancingsecondandthenequityfinancing，thisisthepeckingordero

3、ftheoryWhyfinancingwaysoflistedcompaniesinChinaaredifferentfromthistheoryManyscholarsthinkthatthereasoniSthelowercostoffinancing，but，tllefactiSnotSOThecostoffinancingiSnottheonlyfactorForthispaperisbasedontherelativeanal

4、ysisofequitystructureandfinancingmodes，indicatesthatthecausesofequityfinancingaremanyfold，amajoronebeingChinalSspecialshareholdingstructureandcorrespondinginstitutionalfactorsincludingcorporategovernancestructure，incenti

5、vemechanismInordertotestifymystudy，thepaperemploysfurtherthemulti—returningmodeltoproofstudyandshowstheresults：thefinance—raisingoft11ecompaniesiSdynamicwhilethecapitalstructureiScomparativelystatic，therefore，theinfluenc

6、esoftheinstitutionalfactorssuchasshare—holdingstructureuponfinance—raisingarenotSOexplicitwhentheyarereflectedontherelationshipbetweencapitalstructureanddebtassetratio；however，theinfluenceswiUbepostponedandwillalSOexpres

7、sthemselvesinthesuccessiveperiodastothevariationratioofthedebtassetratioTobemorespecifictllereiSanobviousrelevanceofthecapitalstructureindex，ietheV矗ationratioofdebt—assetratiotosuchindexesrepresentingshare—holdingstructu

8、reasshareconcentration，theproportionofnationalsharesandlegalpersonratioMeanwhile，thenoninstitutionalfactors，namelyproofstudyandshowstheresults：，profitability，size，growth，bankruptcyriskandagentcostwillalsocastinfluenceson

9、financingandfurtherstill，onthecapitalstructureofenterprisesInconclusion，theshare：holdingstructureofthelistedcompaniesinChinamustbefirstoptimizedinordertoenhancefinanceraisingAsamatteroffact，equityfmancingisnevertheoptima

10、lwayoffinancingOtherthanshare—holdingstruetureoptimizationandtheactivefacilitationofreformsonproprietarydisposal，seineothermeasuresshouldalsobetakenintoconsideration，namely，thefurtherimprovementofthecompanies’managements

11、tructure，theestablishmentofthetaxingandfinancialsystembeneficialtoinsideaccumulation，theactivedevelopmentofenterprise’Ssecuritiesmarketandtheshapingofdiversifieddirect—financingmeans，inordertochangethecurrentlyexcessivep

12、reti：renceofdomesticlistedcompaniestoequityfinancingOnlybydoingSOcould‘t。lll一=financingofthelistedcompaniesdeveloptowardsamorerationaldirectionwithinasoundfinancialsystemKeywords：financingbehavior，share—holdingstructure，