我国上市公司的融资结构及其治理效率研究

上市公司融资实质上是公司剩余控制权与剩余索取权重新配置的过程,融资方式的选取直接影响公司相关经济主体的利益和行为,并最终影响公司治理的效率,因此,合理的融资结构是公司有效治理的基础。我国上市公司在免费资本幻觉的驱使下表现出强烈的股权融资偏好,形成了重股权、轻债权的融资结构,在目前我国证券市场低效、控制权市场欠发达、融资制度不健全的情况下,这种融资结构加大了股东与经理人之间的利益冲突,降低了公司的治理效率。因此,加强债券市场建设、完善股市融资制度、建立良好的信用评级和信息披露制度是规范我国上市公司融资行为、改善其治理效率的重要手段。

Financing Structure of Chinese Listed Companies and its Governance Efficiency

Financing of listed companies is essentially the reassignment of rights of residual contol and residual claim,the way of financing will thus affect stakeholders' interests and behaviors,and finally the governance efficiency of the company.Therefore,a proper financing structure forms the bases of efficient governance.Stimulated by the illusion of free capital,Chinese listed companies show strong preference to equity financing,and form the financing structure of low debt and high equity.Under the circumstance of law efficient capital market,distempered financing institution,and underdeveloped control transfer market,such kind of financing structure enlarges interest conflicts between stockholders and managements,and lowers the governance efficiency. Hence,constructing bond markets,building credit rating systems,and perfecting financing institutions are important to optimize financing structure and improve governance efficiency.