CAJ | 학술논문

从宏观经济波动和股权结构两个视角来分析判断企业的融资偏好，研究发现，我国上市公司在内外部融资选择中基本上遵循了权衡理论的判断，而在外部融资中大体上依据了最优融资顺序理论的推断，同时研究还发现，股权结构对上市公司融资行为具有显著的异质性效应。
종굉관경제파동화고권결구량개시각래분석판단기업적융자편호，연구발현，아국상시공사재내외부융자선택중기본상준순료권형이론적판단，이재외부융자중대체상의거료최우융자순서이론적추단，동시연구환발현，고권결구대상시공사융자행위구유현저적이질성효응。
The firm is always in a macroeconomic environment , so its financing choices are inevitably affected by some kind of macroeconomic shocks .And optimizing corporate governance structure is not only necessary for promoting qualities of listed corporations , regulating and supervising the development of securities markets , but also very important in protecting shareholders'equity.However, share ownership structure is the key determinant in corporate governance structure .So this pa-per studies the effects of macroeconomic factors ( such as business cycles , default risk , credit quota and stock market perform-ance) and share ownership structure factors ( such as managers'shareholding ratio , the board of directors shareholding ratio , ownership concentration and the nature of ultimate ownership ) on financing choices of Chinese listed companies using some no-vel econometric method such as fractional logit model . <br> It has the following innovative points:(1) The empirical research of the paper has chosen a big , long-term research sam-ple, which is better for the accuracy of the conclusion .(2) Based on both macro-level and micro-level, the paper has conducted the first systematic study of corporate financing preference affected by macroeconomic shocks and corporate governance structure .