股市流动性与我国上市公司的融资选择  

Stock Liquidity and Financing Options of Chinese Listed Companies

作　　者：宿淑玲[1,2] 冯玉梅[1] 

机构地区：[1]山东财政学院金融学院 [2]山东大学经济学院

出　　处：《山东大学学报（哲学社会科学版）》2009年第5期97-103,共7页Journal of Shandong University(Philosophy and Social Sciences)

摘　　要：根据流动性资产定价理论,股市流动性大小影响着股权融资的资本成本。由于影响公司股票流动性的因素同时也影响着债务的流动性,故股票流动性高的企业可能也会有相对较低的债务成本。基于Probit二元选择模型的实证结果表明,股市流动性对股权融资和债务融资的影响程度是不同的,即随流动性增加,上市公司以债务方式进行融资的概率是下降的,以股权进行融资的概率是上升的。According to liquidity asset pricing theory equity market liquidity is an important factor of the cost of equity. As the factors of the equity market liquidity also influence the liquidity of corporate debts, a company with higher stock liquidity could therefore face lower cost of debt financing. Employing Probit regression technique, we examine the different effects of stock liquidity on equity financing and debt financing. It is found that for listed companies the probability of debt financing decreases while the probability of equity financing increases with increasing equity market liquidity.

关 键 词：流动性 资本成本 融资方式 二元选择模型 

分 类 号：F275[经济管理—企业管理]