股权全流通后山东省上市公司融资方式研究
|
摘要
2005年4月29日,中国证监会发布了《关于上市公司股权分置改革试点有关问题的通知》,宣布启动股权分置改革试点工作。截止2012年5月,我国股票实现全流通已有7年的时间,其对全国上市公司融资方式的影响已经得到了诸多论证,但具体到山东省上市公司融资方式所发生的变化却鲜有研究。因此,基于研究的创新性和必要性我选择了该论题——股权全流通后山东省上市公司的融资方式研究,通过自己的研究发现山东省上市公司融资方式中尚存在的问题,并提出可操作性的解决方案和完善建议,这对山东省的上市公司的未来的也发展具有一定的实践意义。
首先对与论文研究有关的理论进行集中陈述,为论文研究的主要内容做铺垫,其次论文通过描述性统计分析和实证研究对山东省上市公司的融资方式做了详细的研究,在进行描述性统计分析和实证分析时,论文运用了对比的研究方法,将全流通前的样本研究结果同流通后的进行对比分析。
论文首次系统的研究了山东省上市公司的融资方式,之前并没有专家学者对山东省上市公司的融资方式进行系统全面的研究。论文运用了描述性统计的分析方法,研究了山东省上市公司的融资顺序,通过研究发现,全流通后山东省上市公司首选的融资手段是债务融资,其次是内源融资和股权融资,但是在绝对融资额上短期借款居于所有融资来源的首位；全流通后山东省上市公司债券融资方式占融资来源的比例有了大幅提升；全流通后增发替代配股成为股权融资的主要来源。论文通过描述性统计分析和实证分析发现,全流通后影响上市公司融资方式的外部因素中,行业因素对山东省上市公司的融资方式具有明显的影响,影响山东省上市公司融资方式的公司内部因素中,盈利能力越强公司越偏好内源融资,对债务融资的选择较小；资产规模越大越偏好债务融资；上市公司的营运能力越强越偏好内源融资,并不热衷通过债务进行融资；山东省的宏观经济越好,越偏好债务融资,债务融资在总融资中的占比越大。并且,通过对比全流通前和全流通后的影响因素,创造性的发现,全流通后盈利能力对于上市公司选择债务融资和内源融资的影响力变小
论文的最后笔者分析了山东省上市公司融资中仍存在的缺陷与不足,针对这些缺陷和不足之处,针对性的从宏观经济环境角度和上市公司的角度提出了一些对策建议。虽然笔者尽量努力保证研究的周延性,但因受制于样本量的限制,未能对股权融资的影响因素进行回归分析,这是论文研究的不足之处。
The China Securities Regulatory Commission issued a notice about the non-tradable shares reform on April29,2005and the notice announces the start of the non-tradable shares reform work. It has been7years since the stock achieves full circulation. The mode of financing of listed companies must be affected by the non-tradable shares reform. From this point I choose the study on the mode of financing under the background of full circulation of Shandong listing Corporation. From studying the mode of financing of listed companies in Shandong Province I can find the shortcoming of the mode of financing of listed companies in Shandong Province. Then I will give proposes to improve the mode of financing of listed companies in Shandong Province. I think it is important for the development of the listed companies in Shandong Province.
First I will tell some theories about financing then I will study the mode of financing of listed companies in Shandong Province through descriptive statistical analysis and empirical research. Through the study I also use the method of comparison.
This article first studies the mode of financing of listed companies in Shandong Province systematic. The fourth use the descriptive statistical analysis method to study the mode of financing companies in Shandong Province, through the research, I find listed companies in Shandong Province will choose debt financing Endogenous financing first then they will choose Endogenous financing and equity financing. But the absolute amount of the financing is short-term debts. After the full circulation the listed companies in Shandong Province improve the bonds ratio. After the full circulation additional alternative allotment becomes the main source of equity financing. The paper through descriptive statistical analysis and empirical analysis find that the external factors that affect the mode of financing of listed companies after the full circulation, industry factors have a significant impact on the mode of financing of listed companies in Shandong Province. The paper through descriptive statistical analysis and empirical analysis also find that the internal factors that affect the mode of financing of listed companies after the full circulation, the stronger of the profitability the more preferences for endogenous financing, the bigger of asset size the more preference for debt financing, the stronger of the operating capability the more preferences for endogenous financing, the better of Shandong Province macroeconomic the more preference for debt financing. And by contrast full circulation before and after the full circulation influencing factors, I find that after full circulation influence on endogenous financing and debt financing is becoming smaller for profitability.
The final chapter summarizes the conclusions of this paper, and on the basis of the conclusions, I find there are still flaws and shortcomings about the mode of financing of listed companies in Shandong Province. Based on these flaws and shortcomings I give some advices to improve the mode of financing of listed companies in Shandong Province. In addition at the final chapter I also describe the limitations and the prospects of this study.
首先对与论文研究有关的理论进行集中陈述,为论文研究的主要内容做铺垫,其次论文通过描述性统计分析和实证研究对山东省上市公司的融资方式做了详细的研究,在进行描述性统计分析和实证分析时,论文运用了对比的研究方法,将全流通前的样本研究结果同流通后的进行对比分析。
论文首次系统的研究了山东省上市公司的融资方式,之前并没有专家学者对山东省上市公司的融资方式进行系统全面的研究。论文运用了描述性统计的分析方法,研究了山东省上市公司的融资顺序,通过研究发现,全流通后山东省上市公司首选的融资手段是债务融资,其次是内源融资和股权融资,但是在绝对融资额上短期借款居于所有融资来源的首位；全流通后山东省上市公司债券融资方式占融资来源的比例有了大幅提升；全流通后增发替代配股成为股权融资的主要来源。论文通过描述性统计分析和实证分析发现,全流通后影响上市公司融资方式的外部因素中,行业因素对山东省上市公司的融资方式具有明显的影响,影响山东省上市公司融资方式的公司内部因素中,盈利能力越强公司越偏好内源融资,对债务融资的选择较小；资产规模越大越偏好债务融资；上市公司的营运能力越强越偏好内源融资,并不热衷通过债务进行融资；山东省的宏观经济越好,越偏好债务融资,债务融资在总融资中的占比越大。并且,通过对比全流通前和全流通后的影响因素,创造性的发现,全流通后盈利能力对于上市公司选择债务融资和内源融资的影响力变小
论文的最后笔者分析了山东省上市公司融资中仍存在的缺陷与不足,针对这些缺陷和不足之处,针对性的从宏观经济环境角度和上市公司的角度提出了一些对策建议。虽然笔者尽量努力保证研究的周延性,但因受制于样本量的限制,未能对股权融资的影响因素进行回归分析,这是论文研究的不足之处。
The China Securities Regulatory Commission issued a notice about the non-tradable shares reform on April29,2005and the notice announces the start of the non-tradable shares reform work. It has been7years since the stock achieves full circulation. The mode of financing of listed companies must be affected by the non-tradable shares reform. From this point I choose the study on the mode of financing under the background of full circulation of Shandong listing Corporation. From studying the mode of financing of listed companies in Shandong Province I can find the shortcoming of the mode of financing of listed companies in Shandong Province. Then I will give proposes to improve the mode of financing of listed companies in Shandong Province. I think it is important for the development of the listed companies in Shandong Province.
First I will tell some theories about financing then I will study the mode of financing of listed companies in Shandong Province through descriptive statistical analysis and empirical research. Through the study I also use the method of comparison.
This article first studies the mode of financing of listed companies in Shandong Province systematic. The fourth use the descriptive statistical analysis method to study the mode of financing companies in Shandong Province, through the research, I find listed companies in Shandong Province will choose debt financing Endogenous financing first then they will choose Endogenous financing and equity financing. But the absolute amount of the financing is short-term debts. After the full circulation the listed companies in Shandong Province improve the bonds ratio. After the full circulation additional alternative allotment becomes the main source of equity financing. The paper through descriptive statistical analysis and empirical analysis find that the external factors that affect the mode of financing of listed companies after the full circulation, industry factors have a significant impact on the mode of financing of listed companies in Shandong Province. The paper through descriptive statistical analysis and empirical analysis also find that the internal factors that affect the mode of financing of listed companies after the full circulation, the stronger of the profitability the more preferences for endogenous financing, the bigger of asset size the more preference for debt financing, the stronger of the operating capability the more preferences for endogenous financing, the better of Shandong Province macroeconomic the more preference for debt financing. And by contrast full circulation before and after the full circulation influencing factors, I find that after full circulation influence on endogenous financing and debt financing is becoming smaller for profitability.
The final chapter summarizes the conclusions of this paper, and on the basis of the conclusions, I find there are still flaws and shortcomings about the mode of financing of listed companies in Shandong Province. Based on these flaws and shortcomings I give some advices to improve the mode of financing of listed companies in Shandong Province. In addition at the final chapter I also describe the limitations and the prospects of this study.
引文
[1]邓清.股改前后上市公司融资方式研究[D].南财经大学硕士学位论文,2007：53-58
[2]丁正武.后股权分置时期我国上市公司定向增发及其影响研究[D].复旦大学硕士学位论文,2008：108—117
[3]冯延超,阮梓坪.股权分置改革后上市公司融资方式的优化[J].财会月刊,2006.11：11—12
[4]冯玉华.全流通时代上市公司融资方式及监管对策[N].上海证券报,2006,09.07
[5]管征,卞志村,范从来.增发还是配股—上市公司股权再融资方式选择研究[J].管理世界,2008.11：23—27
[6]郭翠荣,李文君.股改后上市公司股权融资偏好实证研究[J].山东大学学报,2011.01：86—91
[7]韩洪.中国上市公司融资结构存在问题及对策研究[D].西南财经大学硕士学位论文,2007：19-26
[8]洪锡熙,沈艺峰.我国上市公司资本结构影响因素的实证分析[J].厦门大学学报,2000.03：114-120
[9]黄少安,张岗.中国上市公司股权融资偏好分析[J].经济研究.2001.11：12-27
[10]李善民,刘智.上市公司资本结构影响因素述评[J].会计研究,2003.08：31—35
[11]李文君.我国上市公司股权融资偏好研究[D].山东大学博士学位论文,2009：103-107
[12]李显锋.股权分置改革以来公司价值影响因素[J].财经界,2004：19—20
[13]刘力军.股权分置改革下我国上市公司偏好股权融资的实证分析[J].世界经济情况,2005.05：20—23
[14]刘星,魏锋,詹宇.我国上市公司融资顺序的实证研究[J].会计研究,2004.06：66—72
[15]刘运国,吴小蒙,蒋涛.产权性质、债务融资与会计稳健性[J].会计研 究,2010.01：43—50
[16]陆正飞,辛宇.上市公司资本结构主要影响因素之实证研究[J].会计研究,1998.08：34—37
[17]陆正飞,高强.中国上市公司融资方式研究[J].会计研究,2003.10：16—24
[18]陆正飞,叶康涛.中国上市公司股权融资偏好解析[J].经济研究2004.04：21—22
[19]吕长江,韩慧博.上市公司资本结构特点的实证分析[J].南开管理评论,2001.05：26—29
[20]罗宇红.股改对我国股权融资制度及方式的影响[J].西南金融,2006.06：37—39
[21]曲耀辉,傅元略.优序融资理论的中国上市公司数据验证[J].财经研究2007.02：108—117
[22]孙栋.我国上市公司股权分置改革问题探讨[D].山东大学硕士学位论文,2006：10-19
[23]孙琪.上市公司融资选择的实证分析[D].浙江大学硕士学位论文,2008：6-15
[24]孙晓婷.中国上市公司融资结构及融资偏好研究文献综述[J].北方经济,2007.02：107-108
[25]田华夏.基于股权分置改革的中国上市公司股利政策研究[D].西南财经大学硕士学位论文,2008：9-19
[26]王腾飞.全流通背景下上市公司股权融资偏好研究[D].江苏大学硕士学位论文,2010：9-13
[27]王海霞,王雨婷.内蒙古地区上市公司融资方式的影响因素分析[J].内蒙古财经学院院报,2008.02：57-61
[28]汪霞.我国上市公司融资偏好影响因素及实证研究[D].厦门大学硕士学位论文,2009：18-29
[29]吴雪.我国上市公司股改前后股权再融资对业绩影响的实证研究[D].北京：首都经济贸易大学,2010：5-15
[30]许年行.中国上市公司股权分置改革的理论与实证研究[D].厦门大学硕士学位论文,2007：38-65
[31]阎达五,耿建新,刘文鹏.我国上市公司配股融资行为的实证研究[J].会计研究,2001.09：21-27
[32]郑享清,王见.上市公司融资方式偏好的实证分析[J].经济研究导刊,2008.06：74—75
[33]Baker, M.Wrugler.Market Time and Capital Structure[J].Journal of Financial Economics.2002.01
[34]Booth, Laurence, Aivazian V et al. Capital structures in developing counties[J], Journal ofFinance,2001.12:87-130.
[35]Modigliani F., Miller M.H. The Cost of Capital, Corporate Finance and the Theory of Investment [J].American Economic review,1958.04:261-297.
[36]Modigliani F., Miller H.M. Corporate Income Taxes and the Cost of Capital; A Correction [J].American Economic Review,1963.07:433-443.
[37]M. Jensen,W. Heckling. Theory of the Firm;Managerial Behavior,Agency Costsand Capital Structure[J]. Journal of Financial Economics,1976.03;35-44.
[38]Myers S. C, Majluf N. S.. Corporate Financing and Investment Decisions When Firms Have Information That Investors Do Not Have [J]. Journalof Financial Economics,1984.07:187-221.
[39]Ross S. The Determination of Financial Structure;the Incentive Signaling Approach[J].Bell Journal of Economics,1977.08:23-40.
[2]丁正武.后股权分置时期我国上市公司定向增发及其影响研究[D].复旦大学硕士学位论文,2008：108—117
[3]冯延超,阮梓坪.股权分置改革后上市公司融资方式的优化[J].财会月刊,2006.11：11—12
[4]冯玉华.全流通时代上市公司融资方式及监管对策[N].上海证券报,2006,09.07
[5]管征,卞志村,范从来.增发还是配股—上市公司股权再融资方式选择研究[J].管理世界,2008.11：23—27
[6]郭翠荣,李文君.股改后上市公司股权融资偏好实证研究[J].山东大学学报,2011.01：86—91
[7]韩洪.中国上市公司融资结构存在问题及对策研究[D].西南财经大学硕士学位论文,2007：19-26
[8]洪锡熙,沈艺峰.我国上市公司资本结构影响因素的实证分析[J].厦门大学学报,2000.03：114-120
[9]黄少安,张岗.中国上市公司股权融资偏好分析[J].经济研究.2001.11：12-27
[10]李善民,刘智.上市公司资本结构影响因素述评[J].会计研究,2003.08：31—35
[11]李文君.我国上市公司股权融资偏好研究[D].山东大学博士学位论文,2009：103-107
[12]李显锋.股权分置改革以来公司价值影响因素[J].财经界,2004：19—20
[13]刘力军.股权分置改革下我国上市公司偏好股权融资的实证分析[J].世界经济情况,2005.05：20—23
[14]刘星,魏锋,詹宇.我国上市公司融资顺序的实证研究[J].会计研究,2004.06：66—72
[15]刘运国,吴小蒙,蒋涛.产权性质、债务融资与会计稳健性[J].会计研 究,2010.01：43—50
[16]陆正飞,辛宇.上市公司资本结构主要影响因素之实证研究[J].会计研究,1998.08：34—37
[17]陆正飞,高强.中国上市公司融资方式研究[J].会计研究,2003.10：16—24
[18]陆正飞,叶康涛.中国上市公司股权融资偏好解析[J].经济研究2004.04：21—22
[19]吕长江,韩慧博.上市公司资本结构特点的实证分析[J].南开管理评论,2001.05：26—29
[20]罗宇红.股改对我国股权融资制度及方式的影响[J].西南金融,2006.06：37—39
[21]曲耀辉,傅元略.优序融资理论的中国上市公司数据验证[J].财经研究2007.02：108—117
[22]孙栋.我国上市公司股权分置改革问题探讨[D].山东大学硕士学位论文,2006：10-19
[23]孙琪.上市公司融资选择的实证分析[D].浙江大学硕士学位论文,2008：6-15
[24]孙晓婷.中国上市公司融资结构及融资偏好研究文献综述[J].北方经济,2007.02：107-108
[25]田华夏.基于股权分置改革的中国上市公司股利政策研究[D].西南财经大学硕士学位论文,2008：9-19
[26]王腾飞.全流通背景下上市公司股权融资偏好研究[D].江苏大学硕士学位论文,2010：9-13
[27]王海霞,王雨婷.内蒙古地区上市公司融资方式的影响因素分析[J].内蒙古财经学院院报,2008.02：57-61
[28]汪霞.我国上市公司融资偏好影响因素及实证研究[D].厦门大学硕士学位论文,2009：18-29
[29]吴雪.我国上市公司股改前后股权再融资对业绩影响的实证研究[D].北京：首都经济贸易大学,2010：5-15
[30]许年行.中国上市公司股权分置改革的理论与实证研究[D].厦门大学硕士学位论文,2007：38-65
[31]阎达五,耿建新,刘文鹏.我国上市公司配股融资行为的实证研究[J].会计研究,2001.09：21-27
[32]郑享清,王见.上市公司融资方式偏好的实证分析[J].经济研究导刊,2008.06：74—75
[33]Baker, M.Wrugler.Market Time and Capital Structure[J].Journal of Financial Economics.2002.01
[34]Booth, Laurence, Aivazian V et al. Capital structures in developing counties[J], Journal ofFinance,2001.12:87-130.
[35]Modigliani F., Miller M.H. The Cost of Capital, Corporate Finance and the Theory of Investment [J].American Economic review,1958.04:261-297.
[36]Modigliani F., Miller H.M. Corporate Income Taxes and the Cost of Capital; A Correction [J].American Economic Review,1963.07:433-443.
[37]M. Jensen,W. Heckling. Theory of the Firm;Managerial Behavior,Agency Costsand Capital Structure[J]. Journal of Financial Economics,1976.03;35-44.
[38]Myers S. C, Majluf N. S.. Corporate Financing and Investment Decisions When Firms Have Information That Investors Do Not Have [J]. Journalof Financial Economics,1984.07:187-221.
[39]Ross S. The Determination of Financial Structure;the Incentive Signaling Approach[J].Bell Journal of Economics,1977.08:23-40.