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1、有关企业融资的毕业论文外文翻译（原文+译文）原文:Chinese Listed Companies Preference to Equity Fund: Non-Systematic FactorsAbstract ：This article concentrates on the listed companies financing activities in China, analyses the reasons that why the listed companies prefer to equity fund from the aspect of non-systematic fac
2、tors 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 management and society culture, and concludes that the preference to equity fund is a reasonable choice
3、 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-systematic factors, financial cost1. Introduction The listed companies in China prefer to equity fu
4、nd, 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 the proportion is 72.6% in 1998 and 72.3% in 1999, on the other hand, the proportion of debt fund
5、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, when American enterprises need to fund in the capital market, they prefer to debt fund than equity fu
6、nd. 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, approximately 3/4 of the listed companies preferred to equity fund in China. Many researchers agree u
7、pon 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. Many researchers usually analyze our national listed companies preference to equity fund with the sy
8、stematic 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 classical financing theory. For example, the “picking order” theory claims that when enterprise need fund,
9、 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 financial environment that activates the enterprises such preference, and try to interpret the re
10、asons 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 western financing the theories, capital cost of equity fund is more than capital cost of debt fund, thus
11、 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 somewhat opportunity cost of the investors, can also be called expected returns. It contains of r
12、isk-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 financing activities and using fund, we can call it fund cost. If capital market is efficient, capital cos
13、t 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 price of stock will be different from its value because of investors action of speculation; they
14、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 national capital market, capital cost of equity fund is very low; it is because of the following factors:
15、 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 experienc
16、e. 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 high share issue price, then the capital cost of equity fund drops even given the same level of dividend. Second, low dividend policy in the listed companies, capital cost of equity fund decided by dividend pay-out ratio and price of per share. In China, many listed companies pay little or even no dividends to their share
