再论我国上市公司股权融资偏好

我国上市公司股权融资偏好与西方优序融资理论相悖,因此众多学者对我国上市公司融资偏好成因作了大量研究。经济行为人的趋利动机才是分析的正常起点,控制权收益最大化为解释我国上市公司的股权融资偏好提供了新的视角。我国上市公司的股权融资偏好恰是经济行为人在特定约束条件下追求收益最大化的理性选择。通过理论与模型分析显示"特定的约束条件"是股权分置问题、控制权形成与收益、法律与监管缺位。以此为出发点,考虑改变目前的"特定约束条件",股权分置改革只是第一步,接下来要解决的问题就是控制权收益、法律与监管缺位,转变资本市场功能定位从企业本位到投资者本位上来,通过这种转变,引导上市公司的融资行为选择从资本成本最小化出发,实现上市公司价值最大化目标。

Rethinking Equity Financing Preference of China's Listed Companies

The phenomenon of equity financing preference is prevalent among the listed companies in China.This financing order does not conform to the pecking order theory,and domestic scholars have presented different explanations for it.Nevertheless,preference is initiated from economic man's intention to obtain more profits.From a new perspective of maximum benefit of control,equity financing preference is the rational choice of the listed companies in China under the special constraint conditions.By the theoretical and model Analysis,this paper finds that the split-share structure,control right formation and benefit of control,absence of laws and supervisions are the special constraint conditions.So according these conditions,non-tradable shares reform is only the first step,and the next consideration is how to solve the benefit of control,absence of laws and supervisions.As these conditions are being changed,enterprise ontology of the function reservation of capital market should be given place to investor ontology.And guided by these changes the listed companies will choose financing means to realize the maximum of listed companies' value according to the minimum of capital cost.