摘要
实践证明,西方资本结构理论难以解释中国上市公司强烈股权融资偏好的现实。本文以客观数据和制度分析的方式分析了中国上市公司的资本结构形成机理,并认为,只有重构中国证券市场制度、市场体系和法律法规,才能为上市公司的融资决策行为真正市场化提供良好的制度环境,进而实现上市公司资本结构的优化。
The capital structural theory is difficult to explained the intense partiality for financing by stockholder＇ s rights of Chinese listing companys. This article analyzed the forming mechanism of Chinese listing companys＇ Capital Structure by the objective data and institutional analysis. We can believed that the re - construction of Chinese stock market＇s institution, system, legal laws and regulations can prevides the good systematic environment for Chinese listing companys＇ marketable financing decision- making , and then optimizes the capital structure of Chinese listing companys.
出处
《特区经济》
北大核心
2006年第7期66-68,共3页
Special Zone Economy
关键词
资本结构
上市公司
制度分析
中国
Capital structure
Listing company
Institutional analysis
