中国上市公司债务融资方式影响因素研究—基于信息不对称与代理理论
A Study on the Determinants of Debt Financing Sources by Chinese Listed Firms—Based on Information Asymmetry and Agency Theory
Abstract
摘要 我国真正意义上的资本市场形成于1991年沪市“老八股”挂牌交易,在历经24余载的风雨后,已具备一定规模并逐步走向成熟。尽管较权益融资而言,债务融资尤其是债券融资市场规模相对偏小且诸多方面尚不完善,但最近十几年特别是自2011年后我国信用债券市场发展迅猛,发行规模年平均增速超过30%,年新增债券的发行总额从23288.61亿元猛然增至60412.38亿元,其中A股上市公司年发行总额占比的均值接近25%,说明债券融资工具日益受到我国企业的重视与运用,对上市公司的整体融资尤其是负债结构的抉择产生了重大影响。同时,样本数据表明在2005-2014年间在上市公司债务融资内部结构方面,银行信贷长期... Abstract The real capital market of China came into being since 1991, when the old Eight A-share companies listed in Shanghai stock market and began to trade publicly. After 24 years, our capital market has already achieved a certain scale and is becoming more and more mature gradually. Compared to the equity market, although the development of debt market especially bond markets tend to be relat...