CAJ | 학술논문

揭示煤炭上市公司的融资偏好对煤炭企业改进融资方案，促进企业健康快速发展具有重要价值。本文系统分析了煤炭上市公司股权融资偏好的影响因素，利用因子分析法对22家煤炭上市公司2009～2011年的数据进行了分析，消除了影响因素之间的多重共线性，找出了7个主要影响因子。构建了以反映融资偏好的股东权益比率为因变量，以因子分析提取的7个主要影响因子为自变量的多元回归模型，并进行了回归分析。结果表明，煤炭上市公司融资最优先考虑的是企业留存收益；其成长能力越强，越偏好于股权融资；煤炭上市公司的股权越集中，企业股东对上市公司融资偏好形成的影响力越大。
게시매탄상시공사적융자편호대매탄기업개진융자방안，촉진기업건강쾌속발전구유중요개치。본문계통분석료매탄상시공사고권융자편호적영향인소，이용인자분석법대22가매탄상시공사2009～2011년적수거진행료분석，소제료영향인소지간적다중공선성，조출료7개주요영향인자。구건료이반영융자편호적고동권익비솔위인변량，이인자분석제취적7개주요영향인자위자변량적다원회귀모형，병진행료회귀분석。결과표명，매탄상시공사융자최우선고필적시기업류존수익；기성장능력월강，월편호우고권융자；매탄상시공사적고권월집중，기업고동대상시공사융자편호형성적영향력월대。
It is very important for coal mining enterprise’s development by revealing it’s financing preference .This paper analyzed the factors which affect the financing preference of coal listing Corporation . It carried out factor analysis by using the data of 22 coal listing Corporation between 2009 and 2011 ,and the 7 main factors without multiple collinearity were found .It also constructed a regression model by using the equity ratio as the dependent variable which can reflect the financing preference ,7 main factors from the factor analysis as independent variables .The regression analysis shows that the prior financing method is the profit ,the more development ability will result in equity financing ,and the more concentrated equity ownership will take more financing preference influence from the stockholder .