中國企業(yè)融資結(jié)構(gòu)的變化與路徑選擇—兼析股權(quán)融資偏好.pdf

1、中國海洋大學(xué)碩士學(xué)位論文中國企業(yè)融資結(jié)構(gòu)的變化與路徑選擇——兼析股權(quán)融資偏好姓名：夏龍河申請學(xué)位級別：碩士專業(yè)：金融學(xué)指導(dǎo)教師：孫健2003.6.1生里壘些壁窒笙塑塑壟些皇墮堡壟堡=莖塑絲堡壁塑堡塹——TheChangesandSelectionofRoutesofChineseEnterprises’FinancialStructureAbstractFromthe1950’S，alotoftheoriesofenterprises’

2、financialstructurehaveputforwardthatofallthefinancialmethods，enterprisesareinclinedtoselectsucharoute：thefirst，theinteriorfinancing，thesecond，thecreditfinancing，thenthestockfinancingWiththisfinancialstructure，enterprises

3、Canmaximizetheirvalues，optimizetheirequitystructureandadministerialstructureTheseconclusionsareincoincidencewiththepracticeoftheOccident，whereasasisoppositeinChinaNowadays，therearetwofinancialmodesintheworld，theEnglandAm

4、ericaModeandtheJapan—GermanyModeTheformerarepriortothestockfinancingandthelatterareinclinedtothecreditfinancingToobeytoanyoneofthetwomodes，ortocreateanewfinancialmodeinChina，thatisthequestionInthisarticle，theauthorbasesu

5、ponthestandpointasacountrymayselectitsfinancialstructureaccordingtothematuritydegreeofthecapitalmarketanditsfinancialcustomsTheauthorutilizesthetheoreticalresearch，andalsopracticalanalysiscombinedtodrawupaconclusionthat，

6、inChina，enterprises’speciallovefinancialmodeisstockfinancing，asisonthebasisoffinancingcostsandpolicysystemAtlast，theauthorraisesthesuggestionthatamanyfacetedfinancialstructureshouldbeestablishedinChinainthelongrunInthest

7、ructureallthefinancialmethodsshouldcoordinatetoeachotherandpromotethefinancingefficiencyoftheenterprises，asultimatelyimprovestheprofitandthevalueofenterprisesKeywords：financiaIstructureofenterprises：theorderofpeckingatfo