我国上市公司股权融资中道德风险问题研究

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1、华中科技大学硕士学位论文AbstractThemoralhazardinstockingfinancingisacriticalissuewhichthecorporategovernanceneedtoresolve,thisissuehasattractedmanyfinancalsandeconomists’longtimeattention.Thispaperwascompletedbyasystematicalstudyatthecorrelativenationalandinternatio

2、nalpaper.Theauthorappliessucheconomictheoriesasentrustment-agencytheory,informationasymmetrytheoryandincentivetheory.Thenheintegratesthetheorieswithchinasystemenvironment,toillustratethemoralhazardinstockfinancingbychinalistcompaniesasfollowingaspects:(1

3、)Thispapercommencesatentrustment-agencytheoryandanalysestherootstockandthenegativeroleofmoralhazardandthetwowaystolightentheagencycostraisedbythemoralhazardinstockfinancing.(2)ItinvestigatesthefinancingsituationofChineselistedcorporationandmakestheconclu

4、sionthattheChinesefinancingorderdeparturethemodernfinancingtheoryanditshowsintensetendencyofstockfinancing.Onthebasisofforegoing,itliststheincorporationofmoralhazardsinChinesestockfinancing:inefficientofcapitalutilizing，deficienciesofinvestmentandimmoder

5、acyofinvestmentcoexistence,favoringthedividendpolicyofmoresubsistence,andshort-timebehavior.(3)Accordingtotheresearch,itputsforwardtheinstitutionalarrangementtorestrainthemoralhazardinstockfinancing.Keywords：TheListedCompanyStockFinancingMoralHazard-II-I

6、I华中科技大学硕士学位论文目录摘要................................................................................................................IAbstract.............................................................................................................II1绪论1.

7、1问题提出................................................................................................(1)1.2研究意义.................................................................................................(2)1.3研究综述....................................

8、.............................................................(2)1.4研究内容...............................................................................................(10)2股权融资中道德风险概述2.1道德风险的一般分析............................