| 资本成本产权约束与上市公司融资偏好 |
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| 引用本文： | 宋琳,麻晓晶.资本成本产权约束与上市公司融资偏好[J].山东大学学报(哲学社会科学版),2007(6). |
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| 作者姓名： | 宋琳 麻晓晶 |
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| 作者单位： | 1. 山东财政学院,金融系,山东,济南250014
2. 中共济南市委党校,山东,济南250014 |
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| 摘 要： | 与西方企业的债权融资偏好相反,我国上市公司具有明显的股权融资偏好。资金成本与资本成本都可以理解为融资成本,不过其内涵却有天壤之别。如果投资者具有资本成本产权意识,就会要求公司在再融资时必须保证原有股东的风险回报不变,从而出现债权融资偏好。反之,就会出现股权融资偏好。
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| 关 键 词： | 资本成本 产权 融资偏好 |
Restriction of Cost of Capital's Property Right and Financing Preference of Listed Companies |
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| SONG Lin,MA Xiao-jing.Restriction of Cost of Capital''''s Property Right and Financing Preference of Listed Companies[J].Journal of Shandong University(Philosophy and Social Sciences),2007(6). |
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| Authors: | SONG Lin MA Xiao-jing |
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| Abstract: | Quite opposite to western companies who prefer to debt financing,Chinese listed companies obviously prefer to share financing.Cost of financing and cost of capital are all financing cost,however,they are absolutely different in nature.If the investors have the sense of property right of cost of capital,they will ask the company to keep the same risk-return of the primary share-holders when re-financing,thus resulting in the preference of debt financing or the preference of share financing. |
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| Keywords: | cost of capital property right financing preference |
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