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我国上市公司表现出股权融资的偏好,这与融资优序理论相悖。本文以2001—2013年上市公司的财务数据为样本,通过建立Ordered-Probit模型对上市公司的融资方式选择偏好以及影响因素进行总体回归分析,同时针对地区差异所导致的东部沿海和中西部地区的上市公司融资方式的区别,也分别对东部沿海地区和中西部地区的子样本进行分析。从而归纳出上市公司近年来融资方式偏好的变化趋势,以及由于地区差异导致的制度环境和金融发展方式不同对上市公司融资行为影响的特征。
Our listed companies show the preference of equity financing, which is contrary to the theory of financing priority. In this paper, the financial data of listed companies from 2001 to 2013 as a sample, through the establishment of Ordered-Probit model of listed companies to choose the financing preferences and the overall regression analysis of the influencing factors, and for regional differences caused by the eastern coastal and central and western regions The difference of financing ways of listed companies also separately analyzes the sub-samples of the eastern coastal areas and central and western regions. The trend of the financing preference of listed companies in recent years is thus summed up and the characteristics of the influence of institutional environment and financial development mode on the financing behavior of listed companies due to regional differences are summarized.