中国上市公司融资结构现状的实证分析

中国上市公司的融资结构具有自身的特征:债务融资比率相对较低,而流动性负债比率很高,企业债券市场很不发达。这与企业融资理论的最优融资顺序安排是矛盾的。本文对形成这种现状的原因作了分析,并针对这种现状带来的问题,提出了相关的政策建议。

Analysis of Liability Financing Issue in the Listed Companies of China

The liability financing of the listed company in China has its unique characteristics: relatively lower liability financing ratio and high level of current liability in result of the undeveloped bond market. This seems unreasonable according to the traditional optimal financing order shown by the modern theories of financing structure. The following part explains the factors affecting the financing structure of listed company. Owing to the inefficiency caused by those problems showed above, some recommendations are put forward simply in the last part.