导　　师： 刘娥平;黄明非

学科专业： L02

授予学位： 硕士

作　　者： ;

机构地区： 中山大学

摘　　要： 在股权分置改革后公司债市场逐步开放的融资背景下，研究中国上市公司再融资的影响因素具有一定现实意义。本文首先从中国上市公司内部治理结构和资本市场环境两个角度来分析其对上市公司再融资方式的影响。在此基础上，作者又以2007年～2009年发行公司债和增发融资的上市公司为研究样本，通过实证分析来研究财务特征因素对上市公司再融资的影响。通过分析发现，公司治理结构中的股权结构、董事会结构和管理层激励因素都可能对上市公司的再融资决策施加影响：股权结构的优化一定程度上削弱了股权融资偏好;董事会结构对再融资选择的影响有不同观点，不能统一定论;而管理层激励目前在中国的作用并不显著。从资本市场状况来看，债券融资市场的滞后影响了上市公司再融资的选择，债券融资渠道的不畅使得上市公司多倾向于股权融资。在财务特征因素的实证研究部分，通过单变量分析和二元Logistic回归分析发现，上市公司的规模SIZE、资产负债率DR以及托宾Q对再融资的影响作用显著。资产规模越大、负债率越低、成长能力越弱的公司越倾向于选择发行公司债融资。另外，考虑到定向增发的非公开性，作者又对公司债与公开增发样本做了实证分析，结果表明，除了上述三个因素显著外，ROE对再融资的影响作用也同样显著，ROE越高的公司越倾向于公开增发融资，实证结果符合理论假设。整篇论文研究表明，在股权结构逐步优化，公司债市场逐步完善的背景下，上市公司的再融资选择逐步趋于客观和理性。 After the reform of non-tradable shares, corporate debt market is gradually opening up. In this background, the study on determinants of refinancing for Chinese listed companies is significant in practice. First in this paper we analyze the influence of financing methods from tow aspects: internal governance structure of Chinese listed companies and capital market environment. On this basis, the author use some listed companies which issued corporate bond and used additional funding from 2007 to 2009, as the sample to study the characteristics of financial factors on the impact of refinancing through empirical analysis. The analysis shows that ownership structure in corporate governance, board structure and management incentives are likely to influence the refinancing decision-making for listed companies: The optimization of ownership structure can weaken the preference for equity financing to a certain extent; The impact of board structure on refinancing options have different views, conclusions can not be unified; The management role incentives in China at present is not significant. From the perspective of capital market conditions, the debt financing market is too lagged, which influence the refinancing choice of listed companies, and the poor debt channels make many listed companies tend to equity financing. In the part of empirical research for financial characteristics, the univariate analysis and binary Logistic regression analysis showed that the size of listed companies SIZE, asset-liability ratio DR and the Tobin Q influence great on the refinancing. The company which has larger assets, lower debt ratio, weaker the ability to grow preferred choice of corporate bond financing. In addition, taking into account the private placement of non-openness, the author also takes the public issuance and corporate debt as sample to make empirical research. The results show that, in addition to the above three factors were significantly, ROE effect on the impact of refinancing is also significant, ROE the higher the

关 键 词： 再融资 影响因素 公司债 融资方式

领　　域： [经济管理—企业管理] [经济管理—国民经济]