CAJ | 학술논문

作为一种特殊的证券形式，优先股兼具股票与债券的特点，是企业传统融资工具之外的补充，发行优先股可作为解决我国企业目前融资困难的一种创新方式。本文通过比较不同类型的优先股合约及优先股、债券、普通股三类证券的主要特征，阐释了优先股的性质；在分析国内外优先股发展概况的基础上，探讨了我国发行优先股融资的必要性与可行性；并就优先股的发行提出了相关的政策建议。
작위일충특수적증권형식，우선고겸구고표여채권적특점，시기업전통융자공구지외적보충，발행우선고가작위해결아국기업목전융자곤난적일충창신방식。본문통과비교불동류형적우선고합약급우선고、채권、보통고삼류증권적주요특정，천석료우선고적성질；재분석국내외우선고발전개황적기출상，탐토료아국발행우선고융자적필요성여가행성；병취우선고적발행제출료상관적정책건의。
As a special security type , preference stock owns the characteristics of stock and bond , and is an additional way besides traditional financing methods .To solve financing problem , Chinese corporations can use such a creative means as issuing preference stock .The paper interprets the attribution of preference stock by comparing different types of preference stock contract and the main characteristics of preference stock , bonds, common stock three types of securities;discusses necessity and feasibility of financing by issuing preference stock in China based on the analysis of development situation of preference stock in those primary countries; puts forward some related advice on issuing strategy .