上市公司股权融资偏好行为分析——以华谊兄弟为例

毕业设计报告(论文)上市公司股权融资偏好行为分析—以华谊兄弟公司为例所属系经济管理系专业会计学学号03409129姓名赵亦冒指导教师许凤起讫日期2013.3---2013.5设计地点东南大学成贤学院东南大学成贤学院毕业设计报告（论文）诚信承诺本人承诺所呈交的毕业设计报告（论文）及取得的成果是在导师指导下完成，引用他人成果的部分均已列出参考文献。如论文涉及任何知识产权纠纷，本人将承担一切责任。学生签名：日期：I上市公司股权融资偏好行为分析—以华谊兄弟公司为例摘要根据中国与发达国家上市公司融资比例的数据对比，我国上市公司融资时普遍首选股权融资而较少采用债务融资，表现为强烈的股权融资偏好，这明显与西方的优序融资理论中先债务融资后股权融资的顺序相矛盾。其中既有客观因素，也有主观因素。这种强烈的股权融资偏好对我国的资本市场、经济发展都产生了一定的影响。本文在总结西方资本结构理论和国内学者研究的基础上，通过理论分析阐述了我国上市公司的融资现状、产生的原因和所造成的影响。并且以华谊兄弟传媒集团为例，通过数据搜集等方式分析了该企业融资方式与其存在的问题，并对此提出了建议。通过理论与实践的分析，本文得出了我国上市公司股权融资偏好行为与我国特殊的国情、融资成本、市场制度以及企业内部管理等因素有关，也对该偏好行为提出了可行性建议。关键词：资本结构；股权融资；制度缺陷；华谊融资模式IIListedCompanies’EquityFinancingPreferenceBehaviorAnalysis—TakingHuayiBros.MediaGroupasAnExampleAbstractAccordingtothedatastatisticsofthelistedcompanies’financingproportionsbetweenChinaanddevelopedcountries,thelistedcompaniesinourcountrywillprefermoreequityfinancingtodebtfinancingwhentheyarefinancing.Itshowsastrongequityfinancingpreference.However,ithasanobviouscontradictionwiththepeckingordertheoryofthewesterncapitalstructuretheory,becausethetheoryshowslistedcompaniesfollowtheorderthatdebtfinancingisfirstandequityfinancingissecond.Thereareobjectivefactorsandsubjectivefactorsforthisphenomenon.Thiskindofstrongequityfinancingpreferencehashadacertaininfluenceinthecapitalmarketandeconomicdevelopmentofourcountry.Thisthesiswhichisbasedonsummingupthewesterncapitalstructuretheoryandthestudyofdomesticscholars,expoundsChineselistedcompanies’currentfinancingstate,causesandeffectsthroughtheoreticalanalysis.WealsotakesHuayiBrothersMediaGroupasanexample,andweanalyzethecompany’sfinancinganditsexistingproblemsthroughdatacompilationandothermethods,afterthat,weputforwardsomesuggestions.Throughtheanalysisoftheoryandpractice,thisthesisdrawaconclusionthatChineselistedcompanies’equityfinancingpreferencehasrelationshipwithChinesespecialnationalconditions,financingcosts,marketsystemandtheenterpriseinternalmanagementsystem.Attheendofthethesis,wegivesomefeasiblesuggestionsforthepreferencebehavior.Keywords:CapitalStructure;EquityFinancing;SystemDeficiency;TheFinancingModeOfHuayiIII目录摘要..........................................................................................................IAbstract..........................................................................................................II第一章绪论..............................................................................................11.1研究背景及意义.........................................................................................11.2研究思路及内容.........................................................................................11.3论文框架.................................................................................................1第二章股权融资文献综述....................................................................................32.1西方资本结构理论......................................................................................32.2国内学者研究成果......................................................................................3第三章我国上市公司融资现状、原因及影响分析........................................................53.1我国企业融资现状......................................................................................53.2股权融资偏好原因......................................................................................53.2.1我国的特殊国情....................................................................................63.2.2客观因素............................................................................................63.2.3主观因素............................................................................................73.2.4其他因素............................................................................................73.3股权融资偏好影响......................................................................................8第四章结合华谊兄弟实例分析..............................................................................94.1企业概况.................................................................................................94.1.1企业背景............................................................................................94.1.2华谊模式............................................................................................94.2融资情况................................................................................................104.2.1融资环境...........................................................................................104.2.2企业融资现状......................................................................................114.3优势与风险..............................................................................................124.3.1华谊兄弟股权融资优势...........................................................................124.3.2股权融资带来的风险..............................................................................124.4融资方式改善建议.....................................................................................13第五章结论及建议...........................................................................................155.1结论................................