有關(guān)企業(yè)融資的畢業(yè)論文外文翻譯中國上市公司偏好股權(quán)融資非制度性因素(原文譯文)

1、偏好股權(quán)融資：非制度性因素（原文+譯文）有關(guān)企業(yè)融資的畢業(yè)論文外文翻譯 （原文譯文） 原文:Chinese Listed Companies Preference to Equity Fund:Non-Systematic FactorsAbstract :This article concentrates on the listed companies financing activities inChina, analyses the reasons that why the listed companies prefer to equity fund fromthe aspect of

2、non-systematic factors by using western financing theories, such asfinancing cost, types and qualities of the enterprises assets, profitability, industryfactors, shareholding structure factors, level of financial managementand societyculture, and concludes that the preference to equity fund is a rea

3、sonable choice to thelisted companies according to Chinese financing environment. At last, there are someconcise suggestions be given to rectify the companies preference to equity fund.Keywords: Equity fund, Non-systematic factors, financial cost1. IntroductionThe listed companies in China prefer to

4、 equity fund, According to the statistic datashowed in <China Securities Journal>, the amount ofthe listed companies finance in capital market account to 95.87 billions in 1997, amongwhich equity fund take the proportion of 72.5%, and the proportion is 72.6% in 1998and 72.3% in 1999, on the ot

5、her hand, the proportion of debt fund to total fund is有關(guān)企業(yè)融資的畢業(yè)論文外文翻譯中國上市公司respective 17.8%, 24.9% and 25.1% in those three years. The proportion of equity fundto total fund is lower in the developed capital market than that in China. Take US forexample,whenAmerican enterprises need to fund in the c

6、apital market, they prefer to debt fundthan equity fund. The statistic data shows that, from 1970 to 1985, the Americanenterprises debt fund financed occupied the 91.7% proportion of outside financing,more than equity fund. Yan Dawu etc.found that, approximately 3/4 of the listed companies preferred

7、 to equity fund in China.Many researchers agree upon that the listed companies outside financing followingthis order: first one is equity fund, second one is convertible bond, third one isshort-term liabilities, last one is long-term liabilities. Many researchers usually analyzeour national listed c

8、ompanies preference to equity fund with the systematic factorsarising in the reform of our national economy. They thought that it just because of thosesystematic facts that made the listed companies financial activities betray to westernclassical financing theory. For example, the “picking order ” t

9、heory claims that whenenterprise need fund, they should turn to inside fund depreciation and retainedearnings first, and then debt fund, and the last choice is equity fund. In thisarticle, the author thinks that it is because of the specific financial environment thatactivates the enterprises such p

10、reference, and try to interpret the reasons of thatpreference to equity fund by combination of non-systematic factors and westernfinancial theories.2. Financings cost of the listed companyand preference to equity fundAccording to western financing the theories, capital cost of equity fund is moretha

11、n capital cost of debt fund, thus the enterprise should choose debt fund first, then isthe turn to equity fund whenit fund outside. We should understand that this conceptionof“capital cost ” is takeninto account by investors, it is somewhat opportunity cost of the investors, can also becalled expect

12、ed returns. Itcontains of risk-free rate of returns and risk rate of returns arising from theinvestors riskinvestment. It is different with financing cost in essence. Financing costis the cost arising from enterprises financing activities and using fund, we can call itfund cost. If capital market is

13、 efficient, capital cost should equal to fund cost, that is tosay, what investors gain in capital market should equal to what fund raisers pay, or thetransfer of fund is inevitable. But in an inefficient capital market, the price of stock willbe different from its value because of investors action o

14、fspeculation; they only chasecapital gain and dont want to hold the stocks in a long time and rece ive dividends.Thus the listed companies can gain fund with its fund cost being lower thancapital cost.But in our national capital market, capital cost of equity fund isvery low; it is because of the fo

15、llowing factors: first, the high P/E Ratio Price EarningRatio of new issued shares. According to calculation, average P/E Ratio of Chineselisted companies shares is between 30 and 40, it also is maintained at 20 althoughdrops somewhat recently. But the normal P/E Ratio should be under 20 according t

16、oexperience. Wecan observe the P/E was only 13.2 from 1874 to 1988 in US, and only10 in Hong Kong.High P/E Ratio means high share issue price, then the capital cost of equity fund dropseven given the same level of dividend. Second, low dividend policy in the listedcompanies, capital cost of equity f

17、und decided by dividend pay-out ratio and price ofper share. In China, manylisted companies pay little or even no dividends to their shareholders.According to statistic data, there were 488 listed companies paid no dividend to theirshareholders in 1998,58.44 percents ofall listedcompanies, there wer

18、e 590, 59.83 percents in 1999, even 2000 in which ChinaSecurities Regulatory Commission issue new files to rule dividend policy of companies,there were only 699 companies which pay dividends, 18.47 percents more than that in1999, but dividend payout ratio deduce 22%.Thus capital cost of equity is ve

19、ry low. Third, there is no rigidity on equity fund, if thelisted companies choose equity fund, they can use the fund forever and has noobligation to return this fund. Most of listedcompanies are controlled by Government in China, taking financing risk into account,the major stockholders prefers to e

20、quity fund. The management also prefer equity fundbecause its lower fund cost and neednt to be paid off, then their position will be morestable than financing in equity fund. We can conclude from the above analysis that costof equity fund is lower than cost of debt fund in Chinese listed companies a

21、nd the listedcompanies prefer to such low-cost fund.3. Types and qualities of assets in listed companies and preference to equity fundStatic Trade-off Theory tells us, the value of enterprise with financial leverage isdecided by thevalue of self-owned capital; value arising from tax benefit, cost of

22、 financialembarrassment and agency cost. Cost of financial embarrassment and agency costare negative correlative to the types and qualities of companies assets, if theenterprise has more intangible assets, more assets with lower quality, it will has lowerliquidity and its assets have lower mortgage

23、value. When this kind of enterprise facesto great financial risk, it will have no way to solve its questions by selling its assets.Furthermore, because care for the ability of turning into cash of the mortgage assets,the creditors will high the level of rate and lay additional items in financial con

24、tract torule the debtor s action, all of those will enhance the agency cost and deduce thecompanies Qualcommis supplier of wireless data and communication service inAmerica, it is the inventor and user of CDMA and it also occupies the technology ofHDR.The market value of its share is 1120 billions d

25、ollars at the end of March, 2000,value.but the quantities of long-term liabilities is zero. Why? Somereasons may be that thereare somecompetitors in the market who own analogoustechnologies and the management of Qualcomm Company takes conservativeattitude in financing activities. But the most import

26、ant factor maybeQualcommCompanyowns a mass ofintangible assets which will have lowerconvertibility and the companys value will decline when ithas no enough money to pay for its debt.Many listed companies in China are transformed from the nationalenterprises. In the transformation, these listed compa

27、nies take over the high-qualityassets of the national enterprises, but with the development of economy, someprojectscan not coincide with the market demandand the values of relative assets decline. Onthe other hand, there are many intangible assets in new high-tech companies.State-owned companies an

28、d high-tech companies are the most parts of the capitalmarket. We can conclude that the qualities of listed companies assets are very low.This point is supported by the index of P/B Price-to-Book value which is usually thoughtas one of the most important indexes which can weigh the qualities of the

29、listedcompanies assets. According to statistic data comingfrom Shenzhen Securities Information Company, by the end of November14, 2003,there were 412 companies whose P/B is less than 2, take the 30%proportions of totallisted companies which issue A-share in China, among them, there were 150companies

30、 whose P/B is less than 1.53, and weighted average P/B of the stock marketis 2.42. Lower qualities of assets means more cost may be brought out from debt fundand lower total value of the listed companies. Thus the listed companies prefer toequity fund when need outside financial support in China.4.

31、Profitability and preference to equity fundFinancial Leverage Theory tells us that a small change in company s profit maymake great change in companys EPS Earnings per share. Justlike leverage, we can get an amplified action by use of it. Debt fund can supply us withthisleverage, by use of debt fund

32、, these companies whichhave high level of profitability will get higher level of EPSbecause debt fund producesmore profit for shareholders than interest shareholder shall pay. On the contrary, thesecompanies which have low level of profitability will get lower level of EPSby use of debtfund because

33、debt fund can not produce enough profit for shareholder to fulfill thedemand of paying off the interests. Edison International Company has steady amountof customers and manyintangible assets, these supply it with high level of profitabilityand ability to gain debt fund, its debt account to 67.2% pro

34、portions of its total assets in1999.Listed companies in developed countries or regions always have high level ofprofitability. Take US for example, there are many listed companies which haveexcellent performance in American capital market whendo business, such as J.PMorgan, its EPSis $11.16 per shar

35、e in 1999. Besides it, GM,GE, Coca Cola, IBM, Intel,Microsoft, Dell etc. all always are profitable. In HongKong, most of those companieswhose stock included in Hang Sang Index have the level of EPS more than 1 HKD,many are more than 2 HKD. Such as Cheung Kong Holdings Limited, its EPS is7.66 HKD. Bu

36、t listed companies do not have such excellent performance inprofitability in China inland. Their profitability is commonlow. Take the performance of2000 for example, the weighted average EPS of total listed companies is only 0.20Yuan per share, and the weighted average P/B is 2.65 Yuan per share, 8.

37、55 percentsof these listed companies have negative profit. With low or no profit, the benefit nixes,listed companies preference to equity fund is a reasonable phenomenon. Can begained from debt fund is very little; the listed companies can even suffer from thefinancial distress caused by debt fund.

38、So with the consideration of shareholders interest, the listed companies prefer to equity fund when need outside financial supportin China.5. Shareholding structure factors and preference to equity fundListed companies not only face to external financing environmental impacts, butalso the structure

39、of the companies shares. Shareholdingstructure of Chinese listed companies shows characteristics as followed: I. Ownershipstructure is fairly complex. In addition to the public shares, there are shares held withinland fund and foreign stocks, state-owned shares, legal person shares, and internalempl

40、oyee shares, transferred allotted shares, A shares, B shares, H shares And Nshares, and other dis tinction. From 1995 to 2003, Chinese companiesoutstanding sharesof the total equity share almost have no change, even declined slightly. II. There aredifferent prices, dividends, and rights of shares is

41、sued by same enterprise. III. Theover-concentration of shares. We use the quantity of shares of the three majorshareholders who top the list of shareholders of the listed companies to measure theconcentration of stock. Westudy he concentration of stock of these companies whichissue newshare publicly

42、 in the years from 1995 to 2003 and focus on the situation ofChinese listed companies over the same period. The results showed that: from 1995 to2003, the company-Which once transferred or allotted shares- whose top threeshareholders shareholding ratio are generally higher than the average level of

43、all thelisted companies, and most of these companys top three shareholders holding 40percent or higher percent of companies shares. In someyears, the imumnumber evenis more than 90 percent, indicating that the company with the implementation oftransferred and allotted shares have relatively high con

44、centration rate of shares andmajor shareholders have absolute control over it. In short, transferring allotting sharesand the issuance of additional shares have a certain relevance to the company sconcentration of ownership structure; the companys financing policy is largelycontrolled by the major s

45、hareholders.Chinese listed companies special shareholding structure effects its financingaction. Because stockholders of the state-owned shares, legal person shares, socialand outstanding shares, foreign share have a different objective function, theirmodesof financing preferences vary, and their pr

46、eference affect the financing structureof listed companies. Controlling shareholders which hold state-owned shares accountfor the status of enterprises and carry out financing decisions in accordance with theirown objective function. When the objective function conflict with the other shareholdersbe

47、nefit, they often damagethe interests of other shareholders by use of the status ofcontrolling. As the first major shareholders of the companies, government has multipleobjectives, not always market-oriented, it prefers to use safe fund such as equity fundto maintain the value of state-owned assets,

48、 thus resulting in listed companyspreference to equity financing. Debt financing bring business with greater pressure topay off the par value and interests. Therefore, the state-owned companies are showinga more offensive attitude to debt fund, again because of Chinese state-controlled listedcompani

49、es have the absolute status in all listed company.From: International Journal of Business and Management;October, 2009譯文:中國上市公司偏好股權(quán)融資 : 非制度性因素 摘要:本文把重點(diǎn)集中于中國上市公司的融資活動(dòng) , 運(yùn)用西方融資理論 , 從非 制度性因素方面 , 如融資成本、企業(yè)資產(chǎn)類型和質(zhì)量、盈利能力、行業(yè)因素、股權(quán)結(jié)構(gòu)因素、財(cái)務(wù)管理水平和社會(huì)文化 , 分析了中國上市公司傾向于股權(quán) 融資的原因 , 并得出結(jié)論 , 股權(quán)融資偏好是上市公司根據(jù)中國融資環(huán)境的一種合 理的選擇。最

50、后 , 針對(duì)公司的股權(quán)融資偏好提出了一些簡明的建議。關(guān)鍵詞:股權(quán)融資,非制度性因素 ,融資成本一、前言中國上市公司偏好于股權(quán)融資 , 根據(jù)中國證券報(bào)的數(shù)據(jù)顯示 ,1997 年上市公 司在資本市場的融資金額為 95.87 億美元,其中股票融資的比例是 72.5%, 在 1998 年和1999 年比例分別為 72.6%和 72.3%,另一方面,債券融資的比例分別是 17.8%,24.9%和25.1%。在這三年 ,股票融資的比例 , 在比中國發(fā)達(dá)的資本市場中 卻在下跌。以美國為例 , 當(dāng)美國企業(yè)需要的資金在資本市場上 ,于股權(quán)融資相比他 們寧愿選擇債券融資。統(tǒng)計(jì)數(shù)據(jù)顯示 ,從 1970 年到 198

51、5 年,美日企業(yè)債券融資占 了境外融資的 91.7%,比股權(quán)融資高很多。 閻達(dá)五等發(fā)現(xiàn) , 大約中國 3/4 的上市公 司偏好于股權(quán)融資。許多研究的學(xué)者認(rèn)為 , 上市公司按以下順序進(jìn)行外部融資 : 第一個(gè)是股票基金 ,第二個(gè)是可轉(zhuǎn)換債券 , 三是短期債務(wù) , 最后一個(gè)是長期負(fù)債。 許多研究人員通常分析我國上市公司偏好股權(quán)是由于我們國家的經(jīng)濟(jì)改革所帶 來的制度性因素。他們認(rèn)為 , 上市公司的融資活動(dòng)違背了西方古典融資理論只是 因?yàn)槟切┲贫刃栽?。例?,優(yōu)序融資理論認(rèn)為 , 當(dāng)企業(yè)需要資金時(shí) , 他們首先應(yīng)該轉(zhuǎn)向內(nèi)部資金 （折舊和留存收益 ）, 然后再進(jìn)行債權(quán)融資 , 最后的選擇是股票融 資。在

52、這篇文章中 ,筆者認(rèn)為 ,這是因?yàn)榫唧w的金融環(huán)境激活了企業(yè)的這種偏好,并結(jié)合了非制度性因素和西方金融理論 , 嘗試解釋股權(quán)融資偏好的原因。二、上市公司的融資成本和股權(quán)融資偏好按照西方融資理論 , 債務(wù)融資的成本要比股權(quán)融資的成本低得多 , 因此企業(yè) 首先應(yīng)選擇債券融資 ,然后才選擇股權(quán)融資。 我們應(yīng)該了解 ,這種“資本成本”的 概念是考慮到有機(jī)會(huì)成本投資者 , 也可稱為預(yù)期收益 , 它包含了無風(fēng)險(xiǎn)利率的回 報(bào),從投資者的風(fēng)險(xiǎn)投資產(chǎn)生的收益風(fēng)險(xiǎn)率。 它在本質(zhì)上和融資成本不同 , 融資成 本是因企業(yè)的融資活動(dòng)和使用資金所產(chǎn)生的成本 , 我們可以稱之為資金成本。如 果資本市場是有效的 ,資本成本應(yīng)該

53、等于資金成本 ,也就是說 , 投資者在資本市場 得到的收益應(yīng)該等同于集資者支付的費(fèi)用或?qū)Ｒ坏馁Y金 , 這是不可避免的。但是 在效率低下的資本市場 ,股票的價(jià)格將是不同于它的價(jià)值 , 因?yàn)橥顿Y者的投機(jī)行 為,他們只追逐資本收益 , 不希望長期持有的股票和分紅。因此 ,上市公司可以得 到其資金成本比資本成本低是基金。但是,在我國資本市場 , 股權(quán)融資的成本非常低 , 這是因?yàn)橐韵乱蛩厥?:第一, 新發(fā)行股份的高 P/E 比率（市盈率）。據(jù)測算,平均 P/E 的中國上市公司的股份比 例為 30和 40,它也是保持在 20 盡管最近有所下降，但根據(jù)經(jīng)驗(yàn)正常的 P/E 比率 應(yīng)低于 20。我們可以觀察到

54、 1874 年至 1988 年在美國的 P/E 僅 13.2, 香港只有 10。高 P/E 比率意味著高的股票發(fā)行價(jià)格 , 權(quán)益資金成本下降 , 即使考慮到在相同 的股息水平上。第二,上市公司的低股息政策 ,股票資金的資本成本決定了分紅派 息率和每股價(jià)格。在中國 ,很多上市公司支付很少或者甚至不向股東支付紅利。據(jù)統(tǒng)計(jì) ,1998 年共有 488 家上市公司對(duì)股東不支付股息 , 占所有上市公司的58.44%,在 1999 年有 590 家, 比例為 59.83%,甚至 2000 年中, 中國證券監(jiān)督管理 委員會(huì)發(fā)行新的股息政策文件后 ,當(dāng)時(shí)只有 699 家公司支付股息 ,比例是 18.47%, 公司數(shù)比 1999 年多, 但分紅比例減少了 22%。因此,股權(quán)資本成本非常低。第三 , 股權(quán)融資沒有硬性約束 , 如果上市公司選擇股權(quán)融資 ,他們可以使用資金 , 永遠(yuǎn)也 沒有義務(wù)歸還。上市公司大部分是由中國政府考慮到融資的風(fēng)險(xiǎn)