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1、上海交通大学硕士学位论文我国上市公司股权融资偏好问题研究姓名：黄灿申请学位级别：硕士专业：金融学指导教师：欧阳令南20060101所产生的不良影响。第6章从外部制度环境和公司自身两大方面，对如何创造条件改善我国上市公司的股权融资行为提出建议。本文的特点是注重实际案例分析，避免过多的理论推导，因为公司的融资过程是一种微观行为，案例分析相比较于大样本统计方法，更能够具体地揭示股权融资行为的原因和后果。此外，本文认为对上市公司的股权融资偏好不能一概否定，应该根据不同公司的融资动机和资本运用效果对股权融
2、资的合理性进行判断，在一定条件下股权融资偏好有其合理性。关键词：股权融资偏好，资本结构，低负债率，股权资本ARESEARCHONEQUITYFINANCINGPREFERENCEOFCHINA’SLISTEDCOMPANIESABSTRACTFinancingdecisionisoneofthemostimportantissuesinthecorporatefinancemanagement.Itinfluencesthecompanies’corporategovernance,costof
3、capitalandmarketvalue.Furthermore,thefinancingandinvestingactivitiesofvariouslistedcompanieswillaffecttheefficiencyofcapitalmarketinallocatingresources.Inrecentyears,manylistedcompaniesinChina’sstockmarkethaveshownpreferenceofequityfinancing,resultin
4、ginlowdebtratio,whichhasraisedgreatconcern.Thisthesiswilldoresearchestofindoutwhatcausesuchphenomenon,whattheconsequencesare,andhowtosolvetheproblemofunreasonableequityfinancing.Thestructureisasfollows.Thefirstchaptergivesanintroductionofthethesis’sb
5、ackground,significance,contentandresearchmethods.Thesecondchapterretrospectstheoriesrelatedtotheequityfinancingandsummarizestheconclusionsofdomesticresearches,providingatheoreticalbasisofthefollowinganalysis.Thethirdchapterdefinestheconceptofequityfi
6、nancingpreference.Afterthoroughanalyzingandreasoning,theconclusionisthatequityfinancingpreferenceofChina’slistedcompaniescanattributetothebusinessrisk,companystrategy,corporategovernance,andfinancecircumstances.ThefourthchaptergivesseveralcasesofChin
7、a’slistedcompaniestofurtherexplorehowtheabovefactorsinfluencedthecompanies’equityfinancingpreference,andhowtheequitycapitalwasused.Thefifthchaptertakesalookathowequityfinancingpreference,especiallytheunreasonablepreference,affectsthelistedcompanies,t
8、hesecuritymarketandthewholeeconomy.Lastbutnotleast,thesixthchaptersuggestssomemeasurestoremovetheunreasonableequityfinancingpreferenceandimprovethelistedcompanies’equityfinancingbehavior.Theuniquenessofthisthesisisusingcasesanalysistoexplorethesituat
