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 maeroeconomie 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 metl~od such as fractional logit model. 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 macroeeonomic shocks and corporate governance structure.