关键词: 融资偏好, 产业风险, 融资选择

Abstract:

From the perspective of financial demand, this paper investigates how enterprises select appropriate financing methods according to their own industrial risks, financing preferences and self-owned capital stock. It is found that enterprises prefer debt financing when they are characterized by sufficient capital, mature technology and products with low risk and steady return of investment. However, in technology-frontier industries where innovation and R&D are crucial to success, when enterprises are characterized by insufficient capital, technology and products with higher risk and unsteady return of investment, they are more inclined to prefer equity financing. Thus the traditional enterprises with low industrial risks are in favor of debt financing where as those technologically innovative enterprises with higher industrial risks prefer equity financing. Our findings are consistent with the research from the perspective of financial support and empirical facts. Moreover, our framework can provide new perspective to analyze the current situation and development of Chinese financial system, as well as the theoretical foundation for Chinese financial structure reform.

Key words: Enterprise Preference, Industrial Characteristics, Financial Options