我国上市公司融资偏好及其影响因素的实证研究.pdf

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1、ABSTRACTFinancingdecisionsisanimportantpartofcorporatefinancialmanagement.Thewayofcorporatefinancingwillinfluencenotonlythelong-termdevelopmentofenterprisesbutalsothehealthydevelopmentofthecapitalmarket.Peckingordertheoryisamaterialtheoryoffinancingdecisions.Itbelievest

2、hattherightorderofcorporatefinancingisinternalfinancing,debtfinancingandequityfinaning.Westernfinancetheoryandpracticearegenerallyprovedpeckingordertheory.GaoXiaohong(2000),ShaoanHuangandZhangGang(2001)andotherscholarsthroughempiricalresearchfound:Chineselistedcompanies

3、preferequityfinancingandthemainreasonisthatcostofequitycapitalislowerthancostofdebtcapitalduetofewerornonedividends.Since2001ChinesegovernmenthasissuedaseriesofdocumentsrelatedtodividenddistributioninordertopromoteChineselistedcompaniestodistributedividends.Documentwhic

4、hissuedin2008hasmadetwoadjustments.Firstly,thedividendpolicyisonlylimitedtocashdividends.Secondly,improvingthepolicyinproportionto30%andthepreviousis20%.IfmeasuresofcashdividendsissuedbyChineserelevantdepartmentscanpromotethedistributionofcashdividendsisquestionable.Imp

5、rovingtheamountofcashdividendscanleadtohighercostofequityfinancing.Whetherthephenomenonofequityfinancingpreferenceoflistedcompaniescanbeimproved?Thisarticleselect2009-2013relevantdataanalysischangeofcashdividendsandfinancingpreferenceoflistedcompanies.Therearetwochanges

6、aboutcapitalmarketfinancingenvironmentin2007.Thefirstoneisequitydivisionreformhasbeenbasicallycompleted.Thesecondoneisimplementofnewaccountiongstandards.Thispaperstudytheinflucingfactorsoffinancingpreferenceinordertoimprovethefinancingbehavioroflistedcompanies,optimizet

7、hecapitalstructureoflistedcompaniestoimprovecorporatevalueandimprovetheeficiencyoffinancinginChinesesecuritiesmarketingeneral.Belowisthemaincontentsofeachchapter.Thefirstpartofthispaperintroducesresearchbackground,researchsignificanceandreviewstherelatedliteratureofthef

8、inancingpreferenceandIinfluencingfactorsoflistedcompanies.After,itintroducestheresearchframework,researchmetho