通过财务治理制约我国上市公司非理性融资行为研究

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1、分类号：——密级：——单位代码；!笾塑学号t2Q筵!型!西北大学博士学位论文题目：通垫壁盘鲨墨劐丝巍鱼土童金蜀iE墨：睦塾资堑羞堑塞指导教师：鱼垂爱专业技术职务：丝蕉学科(专业J：堕鎏丝盗鲎答辩日期：200'7．6．9学位授予日期：二oo七年六月主的综合财务治理模式；加强外部股东对内部股东的监管机制：建立经理人持股激励机制；加强经理人的外部约束机制；加强银行对企业的监控力度；建立有效的偿债保障机制；发展企业债券市场；培育机构投资者并创造使他们能有效发挥作用的条件；加强中小投资者法律保护等。关键词：上市公司财务治理非理性融资过度融资股权融资偏好AbstractCorporatefi

2、nancingislocatedatthemicrolevelofenterprisesandwillinfluencethevalueofanenterprise．However,ascorporatefinancingofmanycompaniesareconsideredtogether,itwillinfluencethedevelopmentofcapitalmarketandeventhewholeeconomy．Therefore，corporatefinancinghasbecomeanimportantissueofcorporategovernance，cap

3、italstructure，andcorporatefinance．In0111"country,companiesofsecuritymarkethaveaseriousprobleminfinancing：irrationalf'manckng，Onesideofthisproblemispreferenceofstockfinz．ncing,theothersideisOVerfinancing，Withtheirrationalfinancing，inOLIrsecuritymarkettherearemanycasesthatbigshareholdersmisuset

4、hefundof1heircompany,bigshareholderscheatmiddleandsmallinvestors，falsestatementofcompanyperformance，andproblematiccycleofsponsoring．Theseproblemsblockthedevelopmentofcapitalmarketanddamagethebenefitsofinvestors．Thefinalreasontocausetheseproblemsisthatcorporatefinancegovernanceisoutofcontr01．T

5、hemajorpurposeofthisthesisistoinvestigatethereasonsofirrationalFinancingofcompaniesinoorsecuritym卸rkecandtrytoresolvethiskindofirrationalfinancing．Therefore，thisthesisutilizesthetheoriesandmethodsofmodemeconomics，takestheconflictsamongrelevantbenefitreceiversofcompaniesasclue，discussesthecorp

6、oratefinancialgovernancemodel，buildsaninstitutionalmodelofcorporatefinancingbehavior,andanalyzestheirrationalfinancingofcompaniesinoarsecuritymarketaccordingtothismodel．Duringtheanalysis，wethink：Thecompaniesinsecuritym盯kcthavenotonlypreferenceofstockfinancing．butalsoOVerfinancing，andpreferenc

7、eofstockfmancingisaperformanceofOVerfinancingundersomespecialinstitutionalbackground．Onthebasisofanalysisabove，thisthesisthinksthat：(1)Becau∞ofthecurreutcharacteristicsofcompaniesinoursecuritymarkatandthecurrentfinancegovernanceenvironment,bo