我国上市公司的“异序融资”:基于债权—利润的非线性关系  

“Out of order Financing” of Listed Companies in China:Based on Creditor's Right-Profit non-linear Relationship

作　　者：刘源[1] 

机构地区：[1]沈阳工业大学商贸学院,辽宁辽阳111003

出　　处：《特区经济》2017年第6期110-112,共3页Special Zone Economy

基　　金：辽宁省教育厅项目"我国上市公司融资偏好研究"(WGD2016023)

摘　　要：权衡理论和优序融资理论均肯定了"内源—债务—权益"的融资次序,然而我国的上市公司存在"异序"现象,偏好股权融资。采用1996-2014年债权融资和利润的年度数据进行了Johansen协整分析,研究了债权融资与上市公司利润的变化关系。发现上市公司的债权融资与利润存在非线性关系,一开始利润随着债权融资比重的增加而上升,但在40%左右时出现转折,债权融资的上升引起利润下降,这一结果解释了"异序融资"的部分成因,在此基础上给出了一系列合理化建议。The trade-off theory and the Pecking Order Theory both affirm the financing order of ＂endogenous-debt-equity＂.However,there are＂out-of-order＂phenomena in China＇s listed companies,preferring equity financing. The Johansen co-integration analysis was carried out using the annual data of the debt financing and prof-it from 1996 to 2014, and the relationship between the debt financing and the profit of the listed company was studied. The results show that there is a non-linear relationship between the creditor＇s rights financing and the profit of the listed company. At the beginning the profit increases with the increase of the proportion of the financing of the debt, but the turning point comes out at about 40%, and the rise of the debt financing caus-es the profit to decline. The result explains part of the causes, on this basis,we give a series of rationaliza-tion proposals.

关 键 词：上市公司 融资偏好 新优序融资理论 JOHANSEN协整检验 

分 类 号：F832.51[经济管理—金融学]