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1、毕业设计（论文）外文参考资料及译文译文题目：中国上市公司偏好股权融资：非制度因素学生姓名：董智慧学 号：1221407018专 业：会计学所在学院：龙蟠学院指导教师：王蓉职 称：副教授2013年12月20日ChineseListedCompaniesPreferencetoEquityFund:Non-SystematicFactorsAbstractThisarticleconcentratesonthelistedcompanies’financingactivitiesinChina,analysesthereasonsthatwhythelistedco
2、mpaniesprefertoequityfundfromtheaspectofnon-systematicfactorsbyusingwesternfinancingtheories,suchasfinancingcost,typesandqualitiesoftheenterprises’assets,profitability,industryfactors,shareholdingstructurefactors,leveloffinancialmanagementandsocietyculture,andconcludesthatthepreference
3、toequityfundisareasonablechoicetothelistedcompaniesaccordingtoChinesefinancingenvironment.Atlast,therearesomeconcisesuggestionsbegiventorectifythecompanies’preferencetoequityfund.Keywords:Equityfund,Non-systematicfactors,financialcost1.IntroductionThelistedcompaniesinChinaprefertoequit
4、yfund,Accordingtothestatisticdatashowedin,theamountofthelistedcompaniesfinanceincapitalmarketaccountto95.87billionsin1997,amongwhichequityfundtaketheproportionof72.5%,andtheproportionis72.6%in1998and72.3%in1999,ontheotherhand,theproportionofdebtfundtototalfundis
5、respective17.8%,24.9%and25.1%inthosethreeyears.TheproportionofequityfundtototalfundislowerinthedevelopedcapitalmarketthanthatinChina.TakeUSforexample,whenAmericanenterprisesneedtofundinthecapitalmarket,theyprefertodebtfundthanequityfund.Thestatisticdatashowsthat,from1970to1985,theAmeri
6、canenterprises’debtfundfinancedoccupiedthe91.7%proportionofoutsidefinancing,morethanequityfund.YanDawuetc.foundthat,approximately3/4ofthelistedcompaniespreferredtoequityfundinChina.Manyresearchersagreeuponthatthelistedcompanies’outsidefinancingfollowingthisorder:firstoneisequityfund,se
7、condoneisconvertiblebond,thirdoneisshort-termliabilities,lastoneislong-termliabilities.Manyresearchersusuallyanalyzeournationallistedcompanies’preferencetoequityfundwiththesystematicfactorsarisinginthereformofournationaleconomy.Theythoughtthatitjustbecauseofthosesystematicfactsthatma
