股权融资论文中英文资料外文翻译文献.docx

股权融资论文中英文资料外文翻译文献.docx

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股权融资论文中英文资料外文翻译文献

中英文资料外文翻译文献

ChineseListedCompaniesPreferencetoEquityFund:

Non-SystematicFactors

Abstract

Thisarticleconcentratesonthelistedcompanies’financingactivitiesinChina,analysesthereasonsthatwhythelistedcompaniesprefertoequityfundfromtheaspectofnon-systematicfactorsbyusingwesternfinancingtheories,suchasfinancingcost,typesandqualitiesoftheenterprises’assets,profitability,industryfactors,shareholdingstructurefactors,leveloffinancialmanagementandsocietyculture,andconcludesthatthepreferencetoequityfundisareasonablechoicetothelistedcompaniesaccordingtoChinesefinancingenvironment.Atlast,therearesomeconcisesuggestionsbegiventorectifythecompanies’preferencetoequityfund.

Keywords:

Equityfund,Non-systematicfactors,financialcost

1.Introduction

ThelistedcompaniesinChinaprefertoequityfund,Accordingtothestatisticdatashowedin,theamountofthelistedcompaniesfinanceincapitalmarketaccountto95.87billionsin1997,amongwhichequityfundtaketheproportionof72.5%,andtheproportionis72.6%in1998and72.3%in1999,ontheotherhand,theproportionofdebtfundtototalfundisrespective17.8%,24.9%and25.1%inthosethreeyears.TheproportionofequityfundtototalfundislowerinthedevelopedcapitalmarketthanthatinChina.TakeUSforexample,whenAmericanenterprisesneedtofundinthecapitalmarket,theyprefertodebtfundthanequityfund.Thestatisticdatashowsthat,from1970to1985,theAmericanenterprises’debtfundfinancedoccupiedthe91.7%proportionofoutsidefinancing,morethanequityfund.YanDawuetc.foundthat,approximately3/4ofthelistedcompaniespreferredtoequityfundinChina.Manyresearchersagreeuponthatthelistedcompanies’outsidefinancingfollowingthisorder:

firstoneisequityfund,secondoneisconvertiblebond,thirdoneisshort-termliabilities,lastoneislong-termliabilities.Manyresearchersusuallyanalyzeournationallistedcompanies’preferencetoequityfundwiththesystematicfactorsarisinginthereformofournationaleconomy.Theythoughtthatitjustbecauseofthosesystematicfactsthatmadethelistedcompanies’financialactivitiesbetraytowesternclassicalfinancingtheory.Forexample,the“pickingorder”theoryclaimsthatwhenenterpriseneedfund,theyshouldturntoinsidefund（depreciationandretainedearnings）first,andthendebtfund,andthelastchoiceisequityfund.Inthisarticle,theauthorthinksthatitisbecauseofthespecificfinancialenvironmentthatactivatestheenterprises’suchpreference,andtrytointerpretthereasonsofthatpreferencetoequityfundbycombinationofnon-systematicfactorsandwesternfinancialtheories.

2.Financingscostofthelistedcompanyandpreferencetoequityfund

Accordingtowesternfinancingthetheories,capitalcostofequityfundismorethancapitalcostofdebtfund,thustheenterpriseshouldchoosedebtfundfirst,thenistheturntoequityfundwhenitfundoutside.Weshouldunderstandthatthisconceptionof“capitalcost”istakenintoaccountbyinvestors,itissomewhatopportunitycostoftheinvestors,canalsobecalledexpectedreturns.Itcontainsofrisk-freerateofreturnsandriskrateofreturnsarisingfromtheinvestors’riskinvestment.Itisdifferentwithfinancingcostinessence.Financingcostisthecostarisingfromenterprises’financingactivitiesandusingfund,wecancallitfundcost.Ifcapitalmarketisefficient,capitalcostshouldequaltofundcost,thatistosay,whatinvestorsgainincapitalmarketshouldequaltowhatfundraiserspay,orthetransferoffundisinevitable.Butinaninefficientcapitalmarket,thepriceofstockwillbedifferentfromitsvaluebecauseofinvestors’actionofspeculation;theyonlychasecapitalgainanddon’twanttoholdthestocksinalongtimeandreceivedividends.Thusthelistedcompaniescangainfundwithitsfundcostbeinglowerthancapitalcost.

Butinournationalcapitalmarket,capitalcostofequityfundisverylow;itisbecauseofthefollowingfactors:

first,thehighP/ERatio（PriceEarningRatio）ofnewissuedshares.Accordingtocalculation,averageP/ERatioofChineselistedcompanies’sharesisbetween30and40,italsoismaintainedat20althoughdropssomewhatrecently.ButthenormalP/ERatioshouldbeunder20accordingtoexperience.WecanobservetheP/Ewasonly13.2from1874to1988inUS,andonly10inHongKong.HighP/ERatiomeanshighshareissueprice,thenthecapitalcostofequityfunddropsevengiventhesamelevelofdividend.Second,lowdividendpolicyinthelistedcompanies,capitalcostofequityfunddecidedbydividendpay-outratioandpriceofpershare.InChina,manylistedcompaniespaylittleorevennodividendstotheirshareholde