| 国有企业融资结构的特殊性及其原因 |
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| 引用本文： | 汤群,杜晓斐.国有企业融资结构的特殊性及其原因[J].郑州航空工业管理学院学报(社会科学版),2006,25(6):188-190. |
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| 作者姓名： | 汤群 杜晓斐 |
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| 作者单位： | 1. 山东大学,经济学院,山东济南250100
2. 交通银行,济南分行,山东济南250012 |
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| 摘 要： | 企业融资结构理论中最具代表性的是“M-M理论”和“啄食顺序理论”,我国国有企业的融资结构却与其结论完全相悖,呈现出对股权融资方式的特殊偏好。文章从理论回顾入手,分析了我国国有企业资本结构的特殊性,并指出国有企业解困的强迫机制、不完善的公司治理结构下特殊的动力机制、资本市场发展中的需求机制与供给机制、特殊的股票发行机制等都是国有企业具有股权融资偏好的重要因素。
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| 关 键 词： | 国有企业 融资结构 股权融资 啄食顺序理论 |
| 文章编号： | 1009-1750(2006)06-0188-03 |
| 修稿时间： | 2006年10月28 |
Particularity and Reasons of State-owned Enterprise Financing Structure |
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| TANG Qun,DU Xiao-fei.Particularity and Reasons of State-owned Enterprise Financing Structure[J].Journal of Zhengzhou Institute of Aeronautical Industry Management(Social Science Edition),2006,25(6):188-190. |
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| Authors: | TANG Qun DU Xiao-fei |
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| Abstract: | M-M theorem and Pecking Order theory are the two representative modern financing structure theories.But Chinese state-owned enterprises have the opposite financing structure,showing extraordinary preference to equity financing in fact.The paper reviews M-M theorem and Pecking Order theory firstly,Then analyses the particularity of Chinese state-owned enterprise financing structure.This paper points out that the forcing-mechanism,incomplete corporation governance structure,the demand-supply mechanism of capital market and the special stock-issuing mechanism contribute to the different financing structure of state-owned enterprises. |
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| Keywords: | state-owned enterprise financing structure equity financing Pecking Order theory |
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