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1、毕 业 设 计（论 文）外 文 参 考 资 料 及 译 文译文题目： 中国上市公司偏好股权融资：非制度因素 学生姓名： 董智慧 学号：1221407018专业： 会计学 所在学院： 龙蟠学院 指导教师： 王 蓉 职称： 副教授 2013年12月20日Chinese Listed Companies Preference to Equity Fund: Non-Systematic FactorsAbstract This article concentrates on the listed companies financing activities in China, analyses th
2、e reasons that why the listed companies prefer to equity fund from the aspect of non-systematic factors by using western financing theories, such as financing cost, types and qualities of the enterprises assets, profitability, industry factors, shareholding structure factors, level of financial mana
3、gement and society culture, and concludes that the preference to equity fund is a reasonable choice to the listed companies according to Chinese financing environment. At last, there are some concise suggestions be given to rectify the companies preference to equity fund. Keywords: Equity fund, Non-
4、systematic factors, financial cost1. IntroductionThe listed companies in China prefer to equity fund, According to the statistic data showed in , the amount of the listed companies finance in capital market account to 95.87 billions in 1997, among which equity fund take the proportion of 72.5%, and
5、the proportion is 72.6% in 1998 and 72.3% in 1999, on the other hand, the proportion of debt fund to total fund is respective 17.8%, 24.9% and 25.1% in those three years. The proportion of equity fund to total fund is lower in the developed capital market than that in China. Take US for example, whe
6、n American enterprises need to fund in the capital market, they prefer to debt fund than equity fund. The statistic data shows that, from 1970 to 1985, the American enterprises debt fund financed occupied the 91.7% proportion of outside financing, more than equity fund. Yan Dawu etc. found that, app
7、roximately 3/4 of the listed companies preferred to equity fund in China. Many researchers agree upon that the listed companies outside financing following this order: first one is equity fund, second one is convertible bond, third one is short-term liabilities, last one is long-term liabilities. Ma
8、ny researchers usually analyze our national listed companies preference to equity fund with the systematic factors arising in the reform of our national economy. They thought that it just because of those systematic facts that made the listed companies financial activities betray to western classica
9、l financing theory. For example, the “picking order” theory claims that when enterprise need fund, they should turn to inside fund (depreciation and retained earnings) first, and then debt fund, and the last choice is equity fund. In this article, the author thinks that it is because of the specific
10、 financial environment that activates the enterprises such preference, and try to interpret the reasons of that preference to equity fund by combination of non-systematic factors and western financial theories. 2. Financings cost of the listed company and preference to equity fundAccording to wester
11、n financing the theories, capital cost of equity fund is more than capital cost of debt fund, thus the enterprise should choose debt fund first, then is the turn to equity fund when it fund outside. We should understand that this conception of “capital cost” is taken into account by investors, it is
12、 somewhat opportunity cost of the investors, can also be called expected returns. It contains of risk-free rate of returns and risk rate of returns arising from the investors risk investment. It is different with financing cost in essence. Financing cost is the cost arising from enterprises financin
13、g activities and using fund, we can call it fund cost. If capital market is efficient, capital cost should equal to fund cost, that is to say, what investors gain in capital market should equal to what fund raisers pay, or the transfer of fund is inevitable. But in an inefficient capital market, the
14、 price of stock will be different from its value because of investors action of speculation; they only chase capital gain and dont want to hold the stocks in a long time and receive dividends. Thus the listed companies can gain fund with its fund cost being lower than capital cost.But in our nationa
15、l capital market, capital cost of equity fund is very low; it is because of the following factors: first, the high P/E Ratio (Price Earning Ratio) of new issued shares. According to calculation, average P/E Ratio of Chinese listed companies shares is between 30 and 40, it also is maintained at 20 although drops somewhat recently. But the normal P/E Ratio should be under 20 according to experience. We can observe the P/E was only 13.2 from 1874 to 1988 in US, and only 10 in Hong Kong. High P/E Ratio means
