| 信息不对称、管理者内生偏好与上市公司股权融资偏好 |
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| 引用本文： | 马亚军,刘丽芹.信息不对称、管理者内生偏好与上市公司股权融资偏好[J].中国软科学,2004(3):32-35,39. |
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| 作者姓名： | 马亚军 刘丽芹 |
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| 作者单位： | 1. 西安交通大学,经济与金融学院,陕西,西安,710061
2. 西安交通大学,会计学院,陕西,西安,710061 |
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| 摘 要： | 一般以为，上市公司的股权融资偏好是由于不合理的成本因素、有缺陷的监管制度和政策与低有效的资本市场等原因造成的。本文分析认为，上市公司股权融资偏好产生的又一基本原因是管理者的内生融资偏好。如果公司绩效影响管理者的财富(或职位、声誉等)，管理者的偏好将支配公司的融资决策。对称信息条件下，管理者将有充分的股权融资偏好；不对称信息条件下，如果管理者对公司项目(或资产)拥有私人信息，且厌恶风险，管理者将最大限度地使用股权进行融资。最后，本文提出，管理者对股权融资的偏好是内生的，治理目前上市公司股权融资偏好所产生危害的基本思路是“疏”，而不是“堵”。
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| 关 键 词： | 信息不对称 上市公司 股权融资 管理者偏好 公司绩效 |
| 文章编号： | 1002-9753(2004)03-0032-05 |
Managerial Preferences, Asymmetric Information and the Stock Financing Preferences of China's Listed Companies |
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| MA Ya-jun,LIU Li-qin.Managerial Preferences, Asymmetric Information and the Stock Financing Preferences of China''s Listed Companies[J].China Soft Science,2004(3):32-35,39. |
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| Authors: | MA Ya-jun LIU Li-qin |
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| Institution: | MA Ya-jun~1,LIU Li-qin~2 |
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| Abstract: | It is generally believed that stock financing preference of China's listed companies results from the unreasonable cost, the defective supervision institutions and policies, and inefficient capital market. This paper thinks that the basic reason of the stock financing preference is the endogenetic preference of management. If the company performances affect the managerial wealth (or their position, good reputation), the managerial preferences will dominate the financing decision of the company. Under the symmetry information, the management will have the sufficient stock financing preferences. Under the asymmetric information, if the management owns the private information on the company projects (or assets), and risk-averse, the management will use stock to finance as possible as they can, until to the state of equilibrium. Finally, this paper suggests that the preference of management for stock is endogenetic. Therefore, same principle as "comb" not "block up" should be insisted to govern the bad infections of stock financing preferences. |
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| Keywords: | listed company managerial preference asymmetric information stock financing preference |
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