From the first part of 1990s , to help promote soe reforms , soes were encouraged to go listed in the stock market . thus , many listed companies laid great emphasis on stock financing , and paid little attention to bond financing 自上世纪九十年代中上期以来,国家为大力推进国企改革,通过发展股票市场帮助国有企业转制上市,建立现代企业制度,提高经济效益,为股票融资的发展创造了诸多有利条件。
According to the capital structural theory of modern west , the financing order of enterprises under standard marketing circumstance is : direct financing , bond financing , stock financing , which we view it as equilibrium of the structural financing 根据西方现代资本结构理论,企业在规范市场经济环境下的融资顺序应为:直接融资债券融资股票融资,我们称这种企业融资结构为融资结构的均衡状态。
When the rate of total capital returns exceeds the average debt ratio , the financial leverage can be fully employed for more interest , for debt financing is more profitable than stocking financing . otherwise , it ' s unreasonable for the enterprise to float the loan 当总资产收益率高于债务平均利率的情况下,可更多的利用财务杠杆得到更高的利益,这时举债融资比股票融资可获得更多的收益,否则,企业举债是不利的。
Instruments of direct financing for corporations consist of stocks and bonds . corporations abroad generally prefer bonds to stocks when making their choice , while the chinese ones are partial to stocks , resulting in the underdevelopment of china ' s corporate bond market 企业的直接融资方式包括股票融资和债券融资,国外企业在选择融资顺序时一般是先债券后股票,而我国企业偏爱股票融资,导致企业债券市场发展缓慢。
Economists offers various answers according to their researches . in the western society , due to the existence of asymmetric information and agency problem , corporate financing generally follows the practices of first internal finacing , then bond financing , and finally stock financing 在西方,由于不对称信息、代理问题的存在,在工业发达国家,企业融资顺序一般为:首先是内部融资:其次是债务融资;最后是股票融资。
There are a lot of conclusions yet in debt financing and stock financing : for example debt financing is superior to stock financing because of the existence of tax shield and risk premium , but obviously many this kind of conclusions are overthrown during our country ' s economical operation 债权与股权融资本来已经有许多结论:如由于税盾与风险贴水,债务融资优于股票融资;融资顺序理论等。但显然在我国经济运行中许多这种结论被否定,好像是出现了无效率。
Based on a unique angle of stock financing system defects , the paper studies characteristics of our stock financing system related to the behaviour of changing the use of proceeds by chinese listed companies ( the following is “ changing behaviour ” for short ) , and analyzes the essential relations among parties 本文从股票融资制度缺陷的独特视角来审视我国上市公司变更募集资金投向行为(以下简称“募资变更行为” ) ,并理清公司变更行为相关当事方的实质关系。
Based on the theory drawn from above , the author re - compares two sides : bond financing side and stock financing side , then makes conclusion that the cost of stock financing is lower than that of bond financing from the management side in the nonstandard marketing environment of china by analyzing the status of our stock market , enterprise management , property right of traditional national owned enterprise and policy orienting 在一部分的分析中作者沿用上部分的理论分析框架,根据我国证券市场、公司治理、传统国有企业产权制度、政策导向等的现状,重新加以比较分析得出:在我国非规范市场经济环境下,从管理层的角度出发,股票融资成本低于债券融资成本。
This essay has five chapters . the first one outlines the main characters of the cbs . it talks about the cbs available in chinese stock market and their issues . the second chapter introduces the new development in the international convertible bond market , and then makes some suggestions to our cb market 然而根据西方学者的研究,由于股票融资成本较高,债务融资则有一定的节税作用,向市场传递了一种正面信号,因此,企业需要外源融资,融资方式的优先顺序应为:举债、可转换债券、股票。
The mode of fuse capital by adding stock , the mode of mergence and purchase . the mode of capital reconstruction . moreover be aimed at foregoing four kinds of capitals operation analysed , unfolds discussion with the example of case in the script , and comparatively analyses to show application effect for the purpose of giving reader the reference find out such advantage and defect by analyzing , and proposes probable hazard and countermeasure , finally forecast the alternation tendency of the mode of the list corporation capital operation according to the policy changes and the actual situation of marketplace at the moment 本文运用资本运营理论,对上市公司资本运营的内容加以描述,通过对其特有的资本运营模式加以归纳,将上市公司资本运营最能引起证券市场参与各方关注的模式予以确定,即配股融资模式,增发股票融资模式、并购模式、重组模式;并针对以上四种资本运营模式加以分析,文中以案例形式展开资本运营的讨论,比较分析,借以说明资本运营模式的运用效果,供读者参考。