上市公司偏好股权筹资的研究

确定合理的资本结构是公司筹资决策的重要内容之一，我国上市公司资本结构主要特征是偏好股权融资.主要运用委托代理理论，从股东期望收益最大化目标出发，将经理的报酬与权益资本的利润率相联系，同时也分析了经理经营的风险成本及经理努力成本的不同构成，建立企业筹资决策的激励约束模型，并对影响资本结构的因素加以分析，从而确定企业最优资本结构.同时，利用该模型对我国上市公司更偏好于股权融资的现象做出合理的解释.

Research on the preference of China's listed companies on finance by issuing stock

The determination of a reasonable capital structure is one of the most important issues for the (listed) companies to raise money. And the main characteristic of the listed companies in China is the (preference) to finance by issuing stock. From the point of the maximization of shareholders' expected (interests,) the agency theory is used to establish a stimulation-restriction model in the decision-making (process) of finance among enterprises. In the modeling process, the mangers' income is related to their (respective) companies' rate of earnings, and the managers' operation risks and endeavor risks are assessed. Through the stimulation-restriction model, the optimal capital structure of the listed companiescan be (determined) through the analysis on the factors which influence the capital structure. Furthermore, the (phenomenon) of the preference of the listed companies in China on the finance by issuing stocks is explained.