作　　者： ;

机构地区： 汕头大学商学院

出　　处： 《汕头大学学报（人文社会科学版）》 2020年第4期55-64,95,共11页

摘　　要： 上市决策对于企业来说是一项非常重要的决策,由于缺少非上市企业的相关数据,目前关于企业上市决策的研究大多停留在理论分析层面,缺少相关的经验证据。企业上市的目的复杂而多元化,其中解决资金需求是企业上市的主要目的。文章将企业的资金需求分为债务性融资需求和增长性融资需求,研究发现,当企业的增长性融资需求越高时,企业上市成功的可能性越大;而当企业的债务性融资需求越高时,企业上市成功的可能性越小。在比较不同所有权性质的企业时发现,国有企业即便具有更高的债务性融资需求、更低的增长性融资需求,其上市成功的可能性也比私营企业更高,结果支持了国有企业上市受优先照顾的观点。研究有助于理解我国企业上市的影响因素,尤其是不同性质的企业上市与资金需求之间的关系,丰富了现有关于企业上市动因的研究。 Listing is a very important decision for enterprises.Due to the lack of data of non-listed companies,most research on the enterprises’decision to be listed remain theoretical and lacks empirical evidence.The purpose of enterprise listing is complex and diversified,and to solve capital demand is a major purpose.This paper divides the capital demand into debt financing demand and growth financing demand,and finds that the higher the growth financing demand,the higher the probability of successful listing,and the higher debt financing demand,the lower the probability of successful listing.When comparing the enterprises of different ownership nature,we find that even if the state-owned enterprises have higher demand for debt financing and lower demand for growth financing,their probability of successful listing is higher than that of private enterprises,which supports the view that the listing of state-owned enterprises is given priority.This research help us understand the influencing factors of the listing of Chinese enterprises,especially the relationship between the listing of different enterprises and capital demand,and enriches the existing research on listing motivation.

关 键 词： 企业 所有权性质 上市动因 融资需求

领　　域： [经济管理—企业管理] [经济管理—国民经济]