新疆上市公司融资方式及影响因素研究  

Empirical Analysis on Factors of Financing Options in Xinjiang

作　　者：李跃[1] 姬卿伟[2] 

机构地区：[1]新疆财经大学经济学院,新疆乌鲁木齐830012 [2]北京师范大学国民经济核算院,北京100000

出　　处：《新疆职业大学学报》2014年第5期30-35,共6页Journal of Xinjiang Vocational University

基　　金：新疆维吾尔自治区研究生教育创新计划科研项目(XJGRI2013139);新疆财经大学校级科研基金支持项目(13cdyjs025);新疆维吾尔自治区研究生教育创新计划重点科研项目(XJGRI2013142);2013年新疆财经大学研究生科研项目(13cdyjs020)

摘　　要：本文将新疆上市公司融资方式划归为债券融资、内源性融资、股权融资、短期借款。并对融资方式可能的影响因素进行分析。并以2011-2013年新疆主要上市公司面板数据为研究基础进行各融资方式影响因素的实证分析。分析发现,债券融资是新疆上市公司主要融资方式,且整体融资规模过大,说明新疆上市公司负债率偏高,存在融资风险。而内源性融资规模偏小说明新疆上市公司整体盈利能力有待提升。基础设施、新能源、高新技术类上市公司更倾向于债券融资,这与新疆地区宏观政策有关。而国有企业更容易获得银行贷款。股权融资存在不合理性,部分公司资本溢价过高。In this article, the authors classify financing options as four kinds of style, including debt financing, endogenous financing, equity financing and short-term borrowings. Then they analyze the possible factors which may make influence on financing options in Xinjiang. Based on 2011-2013 panel data of stock companies in Xinjiang to make empirical analysis, the analysis shows that bond financing is the main mode of financing of listed companies in Xinjiang and the overall financing scale is too large, indicating that the high debt ratio of listed companies in Xinjiang. The small-scale of endogenous financing shows the profitability of listed companies in Xinjiang need to be improved. Infrastructure, new energy, and high-tech listed companies tend to choose bond financing, which is related to macroeconomic policy in Xinjiang. The state-owned enterprises tend to have more access to bank loans. A Irrational equity financing also exists and part of the company capital premium is too high.

关 键 词：融资方式 融资偏好 新疆 

分 类 号：F270[经济管理—企业管理]