CAJ | 학술논문

我国上市公司融资实践和学者研究基本支持了股权融资偏好。但从公告再融资预案的公司数、实际融资公司数和实际融资额看，《公司债券发行试点办法》实施以来，公司并不偏好股权融资。文章基于控制权理论，研究认为由于国有产权制度，导致国有绝对控股公司更偏好债权融资，且其债权融资偏好与第一大股东持股比例正相关，而国有相对控股公司更偏好股权融资。研究结论为我国国企改革、改进国有公司管理层考核和强化国有公司管理层监督等政策制定和实施提供了经验证据。
아국상시공사융자실천화학자연구기본지지료고권융자편호。단종공고재융자예안적공사수、실제융자공사수화실제융자액간，《공사채권발행시점판법》실시이래，공사병불편호고권융자。문장기우공제권이론，연구인위유우국유산권제도，도치국유절대공고공사경편호채권융자，차기채권융자편호여제일대고동지고비례정상관，이국유상대공고공사경편호고권융자。연구결론위아국국기개혁、개진국유공사관리층고핵화강화국유공사관리층감독등정책제정화실시제공료경험증거。
Basically, equity financial preference is supported by the financing practices of China’s listed companies and scholar’s researches. According to the number of corporations, actual number of financing corporations, corporations have never shown preference for equity financing since the implementation of Pilot Rules on the Issuance of Corporate Bonds. This paper found that as a result of the state-owned property right system, state-owned absolute holding corporations show more preference for bonds financing. From the perspective of financing preference, the research has provided experiential evidence for China to“transfer the state-owned property right and introduce private capital”in state-owned enterprise reform.