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据有关权威部门对我国上市公司融资行为的调查统计表明,我国上市公司存在显著的股权融资偏好现象,股权融资是上市公司资产增长的最主要来源。本文着重分析了我国企业偏好股权融资的原因股权融资的低成本、溢价配股或增发直接给股东带来净资产增值收益、股权分裂也强化了股权融资的偏好、信息传递机制失灵、企业债券市场不发达。另外指出了偏好股权融资的影响及对策资金使用效率低下,扭曲了证券市场的资源配置功能;对策主要有大力发展债券,市场早日实现股票全流通。
According to the relevant authoritative department’s investigation on the financing behavior of listed companies in our country, the listed companies in our country have obvious preference of equity financing. Equity financing is the most important source of assets growth of listed companies. This paper focuses on the analysis of the reason why Chinese enterprises prefer equity financing. The low cost of equity financing, the premium placement or issuance directly brings the net asset value-added return to the shareholders, the split of stock also strengthens the preference of equity financing, the failure of the information delivery mechanism, the failure of the corporate bond market developed. In addition, it points out the preference of equity financing and its countermeasures. The inefficient use of funds distorts the function of resource allocation in the securities market. The countermeasures are mainly to develop bonds and realize the full circulation of the stocks as soon as possible.