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

摘要：

本文从金融需求的角度出发,考察企业如何根据自身产业风险、融资偏好、自有资本存量等因素选择合适的融资方式。研究发现,当企业所从事的产业技术和产品较为成熟时,其产业风险较低、资本较为充足,企业投资生产项目的资金回报率较为稳健,则更加偏好债权融资;当企业所从事的产业处于技术前沿,创新和研发是其成长的关键因素时,其技术风险和产业风险都相对较高,且资本相对不足,企业投资生产项目的资金回报率不稳定,此时,企业会更加偏好于股权融资。因此,低风险传统型企业更偏好于债权融资,而产业风险较高的“技术创新型”企业则更偏好于股权融资。本文的研究发现与从金融供给角度出发的研究结论与相关经验事实较为一致,能够为分析中国金融体系的现状、发展及金融结构调整提供一个崭新的视角,也为我国的金融结构改革提供理论依据。

关键词: 融资偏好, 产业风险, 融资选择