摘要
通过对中国上市公司融资结构及其变动趋势的研究,发现1993-2001年中国上市公司的融资结构是股权融资占比高于债权融资占比,而2002-2006年则表现为债权融资(主要是银行借款融资)占比高于股权融资占比。整体来看,1993-2006年中国上市公司的融资结构已由股权融资占优向债权融资占优转化,表明中国上市公司的融资结构既有与新兴工业国相同的特点,也有与发达国家相类似的地方。指出中国应加快发展债券市场,稳步发展股票市场,扩大直接融资规模和比重,以防范和化解银行风险,实现企业多渠道融资。
This paper researches the changing trends of the financing structure of the listed Chinese companies and finds that stock financing was dominant for the listed companies in 1993 -2001. On the contrary, in 2002 -2006, debt financing （especially bank loans ） became dominant for these companies. Looking over the whole period from 1993 thru 2006, the financing structure of the listed Chinese companies has evolved to a point where the proportion of debt financing has outbalanced that of stock financing. We contend that first, as far as the financing structure of the listed Chinese companies is concerned, there is not only an identity to industrializing economies, but also a similarity to industrialized economies. Second, it is urgent for China to develop the debt market and the stock market in a faster and steadier manner, and to extend the scale of direct financing.
出处
《西安交通大学学报（社会科学版）》
CSSCI
2007年第4期28-34,共7页
Journal of Xi'an Jiaotong University：Social Sciences
基金
国家社会科学基金项目(05BJL023)
关键词
融资结构
股权融资
债权融资
Financing structure
stock financing
debt financing
bank loans
