我国高科技上市公司融资行为的研究

高科技企业的融资是影响其发展的一个核心问题,而高科技上市公司的融资行为及其融资结构受着多方面因素的影响.实证分析表明,高科技企业的高风险特征与低融资成本的考虑使较少利用债务融资,而各行业间资产结构与融资能力的不同导致企业融资结构的差异.针对高科技上市公司融资结构所存在的短期财务风险较高、财务杠杆利用不足等问题,应当通过提高我国资本市场的有效性、完善债券市场以及发展权利质押融资等方面来改进高科技上市公司的融资结构.

Empirical analysis of the high-tech listed companies financing behavior

Financing is a key factor that affected the development of High-tech enterprise, while the High-tech listed companies' financing behavior and financing structure were affected by many factors. It was declared by the empirical analysis that High-tech companies made little use debt financing in view of it's high risk character and had little consideration of low costs of financing, the difference in capital structure and financing capacity resulted in different financing structures in different industries. In order to resolve higher short-term risk of finance and lower financial leverage in financing structure, we should ameliorate High-tech listed companies financing structure by enhancing efficiency of capital market in our country, improve bond market and develop rights mortgage financing.