我国上市公司股权融资偏好实证研究
摘要
企业融资是现代企业经营决策的重要内容。现代西方财务学界自二十世纪五十年代开始深入的探讨企业融资结构问题，并建立了成熟的现代企业资本结构理论体系。其中，关于企业融资偏好问题的研究是企业资本结构理论的重要组成部分。代表性学说有MM定理及其修正学说、啄食顺序理论和新优序融资理论。新优序融资理论认为在不对称信息条件下，企业首先偏好内部融资，其次是债权融资，最后是股权融资。而我国的上市公司却存在着明显的异常融资偏好现象，融资顺序表现为首先股权融资，其次债权融资，最后内部融资。
本文借鉴国内外学者的研究成果，采用规范和实证相结合的研究方法，从优序融资理论模型检验和融资成本比较两个角度综合研究我国上市公司融资方式的选择。首先，运用LOGIT回归模型对样本公司2000年—2002年的融资行为是否符合优序融资理论进行实证检验。实证结果表明，我国上市公司的融资选择与优序融资理论不符。其次，从比较股权融资成本和债权融资成本孰低的角度，根据Modigliani和Mille(1966)的“平均成本法”对同一样本进行实证分析，计算出相应的股权融资成本。分析表明与债权融资成本相比较，股权融资成本较高，我国上市公司的融资方式选择违背了追求企业价值最大化的目标，因此并不合理。
本文认为，造成这种现象的根本原因是现有的制度不完善，具体表现在：股权结构不合理；债券市场发展缓慢，债权融资渠道受阻；资本市场的约束机制不健全等方面。为此，本文提出了治理股权融资偏好的政策建议，包括：减持国有股，调整上市公司股权结构；加强债券市场建设，拓宽债权融资渠道；改善公司的治理结构，防止内部人控制；改革考核体系，完善资本市场监督机制。
Corporate financing is very important to the management decision-making in modern enterprises. The research on corporate financing has been made by the financial academe in western countries since 1950's and has formed a mature system info about capital structure. Myers(1984) and Majluf(1984) proposed New Pecking Order Theory ,which states that under asymmetric information conditions firms have no well-defined target debt-to-value ratio, and that firms in general prefer internal financing(first), then external debt financing(second), and external equity financing(third). However, China's listed companies behave in a manner that doesn't follow the pecking order theory. They prefer external equity financing(first), then external debt financing(second), and internal fmancing(third).
The paper analyzes empirically the financing choices of listed companies in China from two aspects. One is that we investigate a sample of 87 listed companies between 2000 and 2002 using a binary LOGIT model and a multinomial LOGIT model to determine if they follow the pecking order. The other is that we calculate the cost of equity financing using the method of average capital cost, which was put forward by Modigliani and Mille in 1966. Our study shows that listed companies' financing behavior isn't consistent with the pecking order theory. The cost of equity financing is higher than that of debt financing in 2002. Moreover, we conclude that the listed companies don't make rational financial decision from the view of maximizing the value of enterprise.
We have found several notable causes for the equity financing preference as following: (1) unreasonable equity structure; (2) slow development of bond market; (3) faulty restriction mechanism of capital market. To perfect the
capital structure of the listed companies, we put forward some countermeasures from the perspective of policy design: (1) performing state-owned share reduction plan; (2) strengthen the construction of bond market; (3) improving the corporate governance mechanism to avoid insider control; (4) reforming the system of appraising corporate performance and perfecting the supervising mechanism of capital market.
本文借鉴国内外学者的研究成果，采用规范和实证相结合的研究方法，从优序融资理论模型检验和融资成本比较两个角度综合研究我国上市公司融资方式的选择。首先，运用LOGIT回归模型对样本公司2000年—2002年的融资行为是否符合优序融资理论进行实证检验。实证结果表明，我国上市公司的融资选择与优序融资理论不符。其次，从比较股权融资成本和债权融资成本孰低的角度，根据Modigliani和Mille(1966)的“平均成本法”对同一样本进行实证分析，计算出相应的股权融资成本。分析表明与债权融资成本相比较，股权融资成本较高，我国上市公司的融资方式选择违背了追求企业价值最大化的目标，因此并不合理。
本文认为，造成这种现象的根本原因是现有的制度不完善，具体表现在：股权结构不合理；债券市场发展缓慢，债权融资渠道受阻；资本市场的约束机制不健全等方面。为此，本文提出了治理股权融资偏好的政策建议，包括：减持国有股，调整上市公司股权结构；加强债券市场建设，拓宽债权融资渠道；改善公司的治理结构，防止内部人控制；改革考核体系，完善资本市场监督机制。
Corporate financing is very important to the management decision-making in modern enterprises. The research on corporate financing has been made by the financial academe in western countries since 1950's and has formed a mature system info about capital structure. Myers(1984) and Majluf(1984) proposed New Pecking Order Theory ,which states that under asymmetric information conditions firms have no well-defined target debt-to-value ratio, and that firms in general prefer internal financing(first), then external debt financing(second), and external equity financing(third). However, China's listed companies behave in a manner that doesn't follow the pecking order theory. They prefer external equity financing(first), then external debt financing(second), and internal fmancing(third).
The paper analyzes empirically the financing choices of listed companies in China from two aspects. One is that we investigate a sample of 87 listed companies between 2000 and 2002 using a binary LOGIT model and a multinomial LOGIT model to determine if they follow the pecking order. The other is that we calculate the cost of equity financing using the method of average capital cost, which was put forward by Modigliani and Mille in 1966. Our study shows that listed companies' financing behavior isn't consistent with the pecking order theory. The cost of equity financing is higher than that of debt financing in 2002. Moreover, we conclude that the listed companies don't make rational financial decision from the view of maximizing the value of enterprise.
We have found several notable causes for the equity financing preference as following: (1) unreasonable equity structure; (2) slow development of bond market; (3) faulty restriction mechanism of capital market. To perfect the
capital structure of the listed companies, we put forward some countermeasures from the perspective of policy design: (1) performing state-owned share reduction plan; (2) strengthen the construction of bond market; (3) improving the corporate governance mechanism to avoid insider control; (4) reforming the system of appraising corporate performance and perfecting the supervising mechanism of capital market.
引文
[1] 潘敏．资本结构、金融契约与公司治理．中国金融出版社，2002，第1版
[2] 裴平．中国上市公司股权融资研究．南京大学出版社，2000，第1版
[3] 沈艺峰．资本结构理论史．经济科学出版社，1999，第1版
[4] 斯蒂芬A罗斯等著，吴世农等译．公司理财，机械工业出版社，2000，第1版
[5] 卢福财．企业融资效率分析．经济管理出版社，2001，第1版
[6] 刘淑莲．企业融资方式结构与机制．中国财政经济出版社，2002，第1版
[7] 王宁．企业融资研究．东北财经大学出版社，2002，第1版
[8] 周首华等主编．现代财务理论前沿专题．东北财经大学出版社，2000，第1版
[9] 罗伯特S.平狄克，丹尼尔L.鲁宾费尔德著，钱小军等译．计量经济模型与经济预测．机械工业出版社，1999，第1版
[10] 余建英，何旭宏编著．数据统计分析与SPSS应用．人民邮电出版社，2003，第1版
[11] 陈晓，单鑫．债务融资是否会增加上市公司的融资成本．经济研究，1999，9
[12] 文宏．上市公司的融资偏好．资本市场，1999，10
[13] 沈艺峰，田静．我国上市公司资本成本的定量研究．经济研究，1999，11
[14] 王霞，薛爽．上市公司权益融资选择的影响因素分析．财经问题研究，2003，11
[15] 王小哈等．上市公司股权融资偏好与经营绩效的实证研究．商业经济管理，2002，3
[16] 黄少安，张岗．中国上市公司股权融资偏好分析。经济研究，2001，11
[17] 韩德宗，李艳荣．我国上市公司再融资顺序的实证研究．财经论丛，2003，1
[18] Stewart C. Myers. The capital structure puzzle. Journal of Finance, July 1984,P584.
[19] Stewart C. Myers, Nicholas S.Majluf. Corporate financing and investment decisions when firms have. Journal of Financial Economics, 13(1984), P187-221.
[20] Jonathan Baskin. An empirical investigation of the Pecking Order Hypothesis. Financial Management, Spring 1989, P26-35
[21] Lakshmi Shyam-Sunder, Stewart C.Myers. Testing static tradeoff against pecking order models of capital structure. Journal of Financial Economics, 51(1999), P219-224
[22] Grossman S., O. Hart. One share—one vote and the market for corporate control. Journal of Financial Economics, 20(1988), P175-202
[2] 裴平．中国上市公司股权融资研究．南京大学出版社，2000，第1版
[3] 沈艺峰．资本结构理论史．经济科学出版社，1999，第1版
[4] 斯蒂芬A罗斯等著，吴世农等译．公司理财，机械工业出版社，2000，第1版
[5] 卢福财．企业融资效率分析．经济管理出版社，2001，第1版
[6] 刘淑莲．企业融资方式结构与机制．中国财政经济出版社，2002，第1版
[7] 王宁．企业融资研究．东北财经大学出版社，2002，第1版
[8] 周首华等主编．现代财务理论前沿专题．东北财经大学出版社，2000，第1版
[9] 罗伯特S.平狄克，丹尼尔L.鲁宾费尔德著，钱小军等译．计量经济模型与经济预测．机械工业出版社，1999，第1版
[10] 余建英，何旭宏编著．数据统计分析与SPSS应用．人民邮电出版社，2003，第1版
[11] 陈晓，单鑫．债务融资是否会增加上市公司的融资成本．经济研究，1999，9
[12] 文宏．上市公司的融资偏好．资本市场，1999，10
[13] 沈艺峰，田静．我国上市公司资本成本的定量研究．经济研究，1999，11
[14] 王霞，薛爽．上市公司权益融资选择的影响因素分析．财经问题研究，2003，11
[15] 王小哈等．上市公司股权融资偏好与经营绩效的实证研究．商业经济管理，2002，3
[16] 黄少安，张岗．中国上市公司股权融资偏好分析。经济研究，2001，11
[17] 韩德宗，李艳荣．我国上市公司再融资顺序的实证研究．财经论丛，2003，1
[18] Stewart C. Myers. The capital structure puzzle. Journal of Finance, July 1984,P584.
[19] Stewart C. Myers, Nicholas S.Majluf. Corporate financing and investment decisions when firms have. Journal of Financial Economics, 13(1984), P187-221.
[20] Jonathan Baskin. An empirical investigation of the Pecking Order Hypothesis. Financial Management, Spring 1989, P26-35
[21] Lakshmi Shyam-Sunder, Stewart C.Myers. Testing static tradeoff against pecking order models of capital structure. Journal of Financial Economics, 51(1999), P219-224
[22] Grossman S., O. Hart. One share—one vote and the market for corporate control. Journal of Financial Economics, 20(1988), P175-202
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