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本文以我国上市公司2009~2013年数据为样本,对企业融资方式选择趋向的影响因素进行实证分析。研究结果显示,盈利能力、信息不对称、经营风险、财务风险、非债务税盾、权益资本成本分别与内部融资度、债务融资度、股权融资度具有不同的显著性排序及相关关系。其中,财务风险是影响内部融资趋向与债务融资趋向的首要因素,盈利能力是影响股权融资趋向的首要因素。
Based on the data from 2009 to 2013 of listed companies in our country, this paper empirically analyzes the influential factors of the choice of financing methods in enterprises. The results show that profitability, information asymmetry, business risk, financial risk, non-debt tax shield and equity capital cost have significant rankings and correlations with internal financing degree, debt financing degree and equity financing degree, respectively. Among them, the financial risk is the primary factor that affects the trend of internal financing and debt financing. Profitability is the primary factor that affects the trend of equity financing.