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大量的研究表明,我国上市公司存在着强烈的股权再融资偏好,与西方财务理论融资顺序相悖。一方面上市公司利用与投资者之间的信息不对称,从股票市场募集大量的资金;另一方面募集资金被大股东占用现象严重,使得不少上市公司成为“空壳”公司,严重影响了公司的经营状况。本文从我国特殊的股权成本、股权结构以及利益相关者的角度出发,对上市公司股权再融资偏好的成因进行了分析研究。
A large number of studies show that there is a strong preference for equity refinancing in China’s listed companies, contrary to the order of financing of western financial theory. On the one hand, listed companies make use of asymmetric information with investors to raise a large amount of funds from the stock market; on the other hand, the funds raised by major shareholders are so serious that many listed companies become “empty shell companies” Affected the company’s operating conditions. Based on the special equity cost, ownership structure and stakeholders in our country, this paper analyzes the causes of the preference of refinancing of listed companies.