外文翻譯---中國(guó)上市公司融資結(jié)構(gòu)影響因素分析

1、<p>　　中文2215字，1480單詞，8100英文字符</p><p><b>　　原文 </b></p><p>　　Financing structure of listed companies in China Analysis of the factors affecting</p><p>　　Material Sour

2、ce: Journal of international money and finance(2000)</p><p>　　Author:Chien-Hsun Chen</p><p>　　(A)The system of factors</p><p>　　Transition in China's economic conditions, econom

3、ic structure and macro-systems do not have the stability of the background, the financing system is still in the rapid and dramatic changes in the process, so the institutional factors will certainly affect the financing

4、 structure. For example, there may be past the debt ratio is too high, need to be optimized through equity financing. This is mainly because of China's controlling shareholder of listed companies are mainly state-own

5、ed large and me</p><p>　　(B)The low cost of equity financing </p><p>　　Financing costs is to raise and use funds to pay various fees and charges. Equity financing and bond financing in the finan

6、cing costs, interest or dividends are mainly expenditure, transaction costs, and taxes and so on. In China's capital market, in China's listed companies is generally not a high level of profitability, dividend yi

7、eld is very low, companies tend to adopt various means, such as non-cash dividend distribution, a lower proportion of the distribution of cash dividend or distributi</p><p>　　(C)The ownership structure of li

8、sted companies in China specificity </p><p>　　Share ownership structure means that the company's total equity shares of the different nature of the proportion of their mutual relations. Financing needs f

9、or investment, financing of the non-rational, is most likely the result of irrational investment. Most of China's listed companies for the shares by the restructuring of state-owned enterprises from the existence of

10、the shareholding structure of state-owned shares and legal person shares are not highly concentrated nature of the flow. As a r</p><p>　　(D) The development of China's bond market lagged behind, poor bon

11、d financing channels </p><p>　　Financing structure of listed companies and corporate finance environment. Listed companies in Western countries are faced with a more standardized securities market, bond mark

12、et and our management not relaxed, very low degree of mercerization, corporate bond financing through the possibility of substantially inhibited, which stimulated the objective listed company of equity financing requirem

13、ents. As of March 14, 2001, the two exchanges in Shanghai and Shenzhen-listed corporate bonds including </p><p>　　(E)Debt financing of high-risk financing </p><p>　　In short, the financing risk

14、by financing activities may deviate from the expected loss. For enterprises, the risk of debt financing to equity financing is higher than the risk, this mainly reflected in: First of all, whether there is interest by so

15、me of the risk. Payment of interest is a prerequisite for loans, and interest payments are not due to changes in business is profit, but its profit-sharing equity financing, risk sharing, enterprises will not face the pr

16、essure of interest. Secondly, w</p><p>　　(F) The accumulation of China's listed companies and the profitability of their own poor, with the ratio of the source of financing within the under-developed cou

17、ntries the proportion of the general source of financing for about 60%, even in the preferred source of financing outside of the "bank-led" model of Japan, with the source of financing proportion is also higher

18、 than China's. China's listed companies are mostly state-owned enterprises from the main enterprise property rights, the interes</p><p>　　Third, the financing structure of listed companies in China A

19、nalysis of the impact of the consequences China's listed companies on the financing structure in the preferred equity financing, while ignoring the source of debt financing and internal financing. This will have seri

20、ous consequences; the most important are as follows: </p><p>　　(A)Can not effectively play a role in the regulation of financial leverage According to modern financial theory point of view, for the effective

21、 exercise of its entrepreneurial role in the regulation of financial leverage, corporate financing options, the financing of the project is expected to yield the high and low financing costs and should be fully taken int

22、o account. In theory, when the investment project is expected to yield high, it is reasonable to choose debt financing in order to play </p><p>　　(B)The allocation of resources affected the efficiency of sec

23、urities markets is not conducive to the stability of the stock market to achieve optimal distribution of resources. The limited financial resources available to those most in need and to use the most efficient enterprise

24、s, which are the basic functions of the securities market, but also its sustained and healthy development. As listed companies can easily achieve sustainability in the stock market and low-cost financing, and some liste&

25、lt;/p><p>　　(C)Of listed companies continued to decline in profitability is not conducive to long-term development of listed companies. According to financial theory, the balance is to maintain an appropriate s

26、ustainable development. Because the liabilities can not only enable businesses to obtain tax benefits and the role of financial leverage, and the pressure of debt service to the promotion of enterprise managers to improv

27、e efficiency in the use of funds. China's listed companies and high proportion of </p><p>　　(D)Serious damage to the interests of investors, dampened the enthusiasm of investors Listed companies should b

28、e a reasonable financing structure is to maximize the enterprise value, a number of listed companies in order to achieve the placement of shares, additional conditions, to take a variety of ways to gloss over financial r

29、eporting, resulting in the disorder in the development of capital markets, and the share placements, additional dilution will earnings per share, damage to the interests</p><p><b>　　譯文 </b>&

30、lt;/p><p>　　中國(guó)上市公司融資結(jié)構(gòu)影響因素分析</p><p>　　資料來(lái)源: 國(guó)際貨幣和金融2000 作者:Chien-Hsun Chen</p><p><b>　　1國(guó)家制度因素 </b></p><p>　　在中國(guó)的經(jīng)濟(jì)條件下,經(jīng)濟(jì)結(jié)構(gòu)和宏觀制度變遷以及市場(chǎng)的不穩(wěn)定性,金融體系仍處于急劇變化的過(guò)程中

31、,這種經(jīng)濟(jì)情況導(dǎo)致了國(guó)家制度因素肯定會(huì)影響企業(yè)的融資結(jié)構(gòu)。例如,由于早些年的負(fù)債率過(guò)高,就需要通過(guò)股權(quán)融資來(lái)優(yōu)化融資結(jié)構(gòu)。這主要是中國(guó)的許多上市公司是由國(guó)家控股的國(guó)有大、中型企業(yè),受到國(guó)家的資金資助的原因。20世紀(jì)80年代中期國(guó)有企業(yè)負(fù)債的突然增加,以及國(guó)有大中型企業(yè)融資平臺(tái)的出現(xiàn),在這種情況下,是導(dǎo)致了許多國(guó)有上市企業(yè)從根本上調(diào)整其債務(wù)融資結(jié)構(gòu)的原因。 </p><p>　　2 股權(quán)融資的低成本 股權(quán)融資和債券

32、融資的融資成本,主要是支付利息或股息、交易成本、稅金等。在中國(guó)的資本市場(chǎng)中,股息收益率非常低,企業(yè)往往采取各種手段,如非現(xiàn)金股利的分配,由于現(xiàn)金紅利或利潤(rùn)分配比例較低,分紅成本水平較低,所以會(huì)受到債券融資和還本付息的約束限制。因此,在我國(guó),上市公司偏好股權(quán)融資來(lái)達(dá)到低成本融資的目的。 </p><p>　　3 中國(guó)上市公司股權(quán)結(jié)構(gòu)的特殊性 投資方式的融資,是非理性的融資方式。對(duì)中國(guó)的大多數(shù)上市公司而言,由于國(guó)有股

33、和法人股股權(quán)結(jié)構(gòu)存著企業(yè)制度的制約,股份融資并不具有高度集中的流動(dòng)性。因此,國(guó)外人只能成為少數(shù)的股東,而重大決策實(shí)際上仍由大股東控制,董事會(huì)的作用也會(huì)隨之大大降低,在這種獨(dú)特的所有權(quán)結(jié)構(gòu)下,大股東可能會(huì)導(dǎo)致少數(shù)股東權(quán)益的流失,導(dǎo)致小股東任意的投資,同時(shí)也使資金的大量流失。 </p><p>　　4 中國(guó)債券市場(chǎng)發(fā)展滯后,債券融資渠道狹小 歐洲國(guó)家上市公司的證券市場(chǎng)是相比中國(guó)市場(chǎng)規(guī)范很多,中國(guó)的債券市場(chǎng)管理制度仍然

34、很滯后。原因是由于嚴(yán)格的制度抑制了上市公司股權(quán)融資市場(chǎng)化,企業(yè)債券融資的程度需求非常低。截至2000年3月14日,上海和深圳上市公司債券(包括可轉(zhuǎn)換債券)的兩個(gè)交易所上市了20497000000元的總市值總額,上市股票總額為1289.16億元。上市的總市值為高達(dá)48088.51億萬(wàn)元,兩個(gè)市值相差甚遠(yuǎn)。 </p><p>　　5 高風(fēng)險(xiǎn)融資的債務(wù)融資 通過(guò)融資活動(dòng),企業(yè)的融資風(fēng)險(xiǎn)可能會(huì)偏離預(yù)期期望。對(duì)于企業(yè)來(lái)說(shuō),

35、債務(wù)融資,比股權(quán)融資更具有高風(fēng)險(xiǎn)性。這主要體現(xiàn)在: </p><p>　　首先,是否有風(fēng)險(xiǎn)是由某些利益決定的。企業(yè)支付利息貸款的前提是利用利潤(rùn)來(lái)進(jìn)行股權(quán)融資,因此企業(yè)不會(huì)面臨利息壓力。 </p><p>　　其次,是否擁有還款的進(jìn)度風(fēng)險(xiǎn)。債務(wù)融資的方式,是指要償還債務(wù),資本損失無(wú)法償還企業(yè)的負(fù)責(zé)時(shí),企業(yè)必須設(shè)法將所有的借入資本,在償還期內(nèi)償還。這樣做是為了確保業(yè)務(wù)的持續(xù)發(fā)展。所以通過(guò)股權(quán)融

36、資籌集到的資金可永久使用,也就沒(méi)有必要考慮償還的要求。 </p><p>　　6 中國(guó)上市公司的盈利能力較低 隨著資金不斷的在發(fā)達(dá)的國(guó)家里流通,這些發(fā)達(dá)國(guó)家融資比重的60%來(lái)源于內(nèi)部融資,而在中國(guó)資金融資的首選來(lái)源仍為“銀行主導(dǎo)“模式下的債務(wù)融資,雖然日本的銀行融資來(lái)源比例也較高,但是中國(guó)通過(guò)銀行融資的比重遠(yuǎn)遠(yuǎn)高于其他亞洲國(guó)家。中國(guó)的上市公司大多是企業(yè)產(chǎn)權(quán)的國(guó)有企業(yè),利益并不是主要的。</p>&l

37、t;p>　　因此,企業(yè)短期負(fù)債行為造成了累積盈利能力下降,企業(yè)也同時(shí)忽視積累盈利能力。但近年來(lái),中國(guó)上市公司普遍持有非常少的股利或股息,占現(xiàn)金資金的比例越來(lái)越低,低股利分配被作為配股獎(jiǎng)金紅利進(jìn)行分配?；谶@些原因,中國(guó)上市公司導(dǎo)致的直接結(jié)果,是外部融資太過(guò)于頻繁,從而導(dǎo)致融資結(jié)構(gòu)的重大變化。 因此在分析中國(guó)上市公司融資結(jié)構(gòu)時(shí),在首選公司股權(quán)融資的融資結(jié)構(gòu)的影響下,忽視了內(nèi)部融資和債務(wù)融資的來(lái)源,這將帶來(lái)嚴(yán)重后果,具體的表現(xiàn)如下:

38、</p><p>　　(1)不能有效發(fā)揮財(cái)務(wù)杠桿的調(diào)控作用 從現(xiàn)代金融理論的角度看,企業(yè)的金融杠桿、企業(yè)融資方案,不能有效地行使監(jiān)管企業(yè)的作用,在項(xiàng)目融資時(shí)并沒(méi)用充分考慮到這些因素,導(dǎo)致了企業(yè)的高成本融資。從理論上講,要使融資項(xiàng)目的低成本融資,就要合理選擇債務(wù)融資方式,以發(fā)揮財(cái)務(wù)杠桿的最好的效果。但是,我國(guó)上市公司招股書(shū)中,幾乎所有上市公司提供融資的專案中,都有很高的股權(quán)收益率。在這種情況下,上市公司選擇股權(quán)融資

39、而不是債務(wù)融資,沒(méi)有按照經(jīng)濟(jì)規(guī)律辦事,其結(jié)果就是在經(jīng)營(yíng)業(yè)績(jī)上呈現(xiàn)一種不可避免的衰退。 </p><p>　　(2)資源配置不合理利用降低了證券市場(chǎng)的效率,不利于股市的穩(wěn)定發(fā)展 有限的財(cái)政資源提供給那些最需要和最高效的企業(yè)使用,這是證券市場(chǎng)的基本功能,也是證券市場(chǎng)持續(xù)、健康的發(fā)展的條件。由于上市公司可以利用股市來(lái)輕松實(shí)現(xiàn)低成本融資,導(dǎo)致了部分上市公司不斷進(jìn)行盲目的股權(quán)融資,造成了在資金上的浪費(fèi)和低效的大量使用,也使

40、股票市場(chǎng)的資源配置效率大幅度的降低。此外,有很大一部分的閑散資金并沒(méi)有明確的投資方向且生產(chǎn)經(jīng)營(yíng)游離于的實(shí)際距離的虛擬經(jīng)濟(jì),因此也帶來(lái)了短期超額收益風(fēng)險(xiǎn)。與此同時(shí)也導(dǎo)致了股市的大幅價(jià)格波動(dòng),同時(shí)也不利于證券市場(chǎng)的穩(wěn)定發(fā)展,并且低效率的企業(yè)仍然繼續(xù)浪費(fèi)稀缺資源,形成資金的惡性循環(huán)。 </p><p>　　(3)上市公司盈利能力繼續(xù)下降,不利于長(zhǎng)期發(fā)展 根據(jù)財(cái)務(wù)理論,融資平衡是為了企業(yè)維持一個(gè)適當(dāng)發(fā)展的基礎(chǔ)。由于負(fù)債,

41、不僅可以使企業(yè)獲得稅收優(yōu)惠和金融杠桿的作用來(lái)緩解償債壓力,同時(shí)也促進(jìn)企業(yè)經(jīng)營(yíng)管理者提高資金使用效率。中國(guó)上市公司的股權(quán)融資占融資結(jié)構(gòu)中比重過(guò)高,使得企業(yè)不能夠充分利用負(fù)債融資,財(cái)務(wù)杠桿和信件功能的下降,因此,會(huì)對(duì)上市公司盈利能力造成不利的影響。 </p><p>　　(4)嚴(yán)重?fù)p害了投資者的利益,挫傷了投資者的積極性 上市公司合理的融資結(jié)構(gòu)是以實(shí)現(xiàn)企業(yè)價(jià)值最大化為目標(biāo)。相當(dāng)多的上市公司為了達(dá)到安置閑散的股份,通過(guò)