科技型企业逆优序融资成因的实证研究  

An Empirical Study on the Causes of Reverse Sequencing Financing of Technology-based Enterprises

作　　者：童林辰 TONG Linchen(School of Business,Hehai University)

机构地区：[1]河海大学商学院

出　　处：《中国商论》2021年第20期118-121,共4页China Journal of Commerce

基　　金：国家级大学生创新训练项目(202010294084)。

摘　　要：本文通过实地调研并结合现有文献研究科技型企业的融资方式和次序,发现由于债务融资中的逆向选择效应和股权融资在资本市场中的投机特征,科技型企业往往呈现逆融资优序理论的顺序进行融资。本文选择在过去五年间披露过银行贷款行为的科技型上市公司及其贷款行为作为样本进行债务和股权融资的实证研究,结果证实科技型企业先股后债融资次序的原因。最后基于结果提出建议,为解决科技型企业融资难题提供参考。This article figures out the financing methods and order of technology-based companies through field research and existing literature.It is found that due to the reverse selection effect in debt financing and the speculative characteristics of equity financing in the capital market,technology-based enterprises often usually conduct financing in the order of reverse financing order theory.This article selects listed technology-based enterprises that have disclosed bank lending behaviors and regarded their lending behaviors as samples to conduct an empirical study on debt and equity financing.The results confirm the reasons for the sequence of financing of technology-based enterprises on equity first and then debt.Finally,suggestions are made based on the results to provide references for solving the financing dilemma of technology-based enterprises.

关 键 词：科技型企业 融资优序 债务融资 股权融资 

分 类 号：F275[经济管理—企业管理]