英语论文网

More listed companies in China comes from the restructuring of state-owned enterprises, state-owned enterprises to rely on the development of long-term bank loans of state capital injection, before they enter the market with a strong preference for debt financing, debt ratio too high; higher proportion of external financing, while endogenous financing ratio low; high proportion of indirect financing, the low proportion of direct financing. After the restructuring of state-owned enterprises to enter the market, you can direct financing through the stock market, they gradually formed a unique listed companies in China's capital structure. Endogenous financing ratio remains low, while the outer source of financing, equity financing preference of listed companies, the debt ratio is low, the high debt ratio before changing debt financing preferences. Overall, has the following characteristics:

我国是转型经济国家，上市公司大部分由国有企业改制而来。上市公司股份类型主要有国有股、法人股、流通股和外资股等，对应的持股主体为国家股东、法人股东及社会公众股东和国外（境外）投资者。

Our country is in transition economies, the majority of listed companies from restructuring state-owned enterprises. Main types of shares in listed companies owned shares, legal person shares, outstanding shares and foreign shares, corresponding to the main body of the state shareholder holdings, corporate shareholders and the public shareholders and foreign (foreign) investors. Our ownership structure is irrational, mainly reflected in the degree of ownership concentration. Ownership concentration of listed companies is a reflection of the extent and diversification of investment capital concentration indicators. Since most of our listed companies are state-owned enterprises restructuring, from the date of birth, Chinese stock market will bear the obligation to help the Enterprises, "dominance" has thus become the market born with defects . Therefore, China's listed companies equity ratio distribution is more concentrated, state-owned shares, legal person shares is still high proportion. All listed companies and state-owned legal person shares of the total national capital ratio reached almost 50% in recent years on the rise. According to statistics, the state-owned shares in a few industries to meet or exceed 60% of the total share capital, which indicates that in the majority of enterprises, governments at all levels are still relatively controlling stake in listed companies, and even the absolute controlling stake.

综合分析,我们可以看出,我国上市公司资本结构中突出的问题是企业债务资本比重不足,流动负债水平偏高,资产负债率水平偏低。上市公司在进行长期融资决策时普遍存在“轻债务重股权”的股权融资偏好,其融资顺序表现为股权融资、短期债务融资、长期债务融资和内源融资。

Comprehensive analysis, we can see that the capital structure of listed companies in prominent problem is that the proportion of corporate debt capital shortage, high levels of current liabilities, asset-liability ratio level was low. Listed companies prevailed when making long-term financing decisions "light heavy debt equity" equity financing preference order of performance of its financing equity financing, short-term debt financing, long-term debt financing and internal financing.Capital market development is complete, the enterprise will be to diversify funding sources; imperfect development of the capital markets, corporate equity financing in the absence of the case, it must be to maintain production operations through debt and liabilitie