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| 文章编号：1672-3104(2003)02-0213-06 |
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上市公司低成本股权融资与金融风险 |
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张根明,彭坚 |
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（中南大学商学院,湖南长沙,410083） |
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| 摘 要： 上市公司在竞相进行低成本股权融资而冷落债务融资的同时，却有大量的资金闲置或参与委托理财。这样，上市公司不但自身竞争实力没有得到加强，反而不断催生股市泡沫；不仅如此，低成本股权融资所导致的直接融资与间接融资的比例失衡，将会导致整个金融市场的结构性风险。在中国加入WTO的背景下，资本市场市盈率的全球平均化必然导致我国股市泡沫破裂，从而引发金融风险。因此，采取有力措施抑制日趋增长的低成本股权融资对于防范我国金融风险的发生具有重要的现实意义。 |
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| 关键词： 上市公司; 股权融资; 市盈率; 金融风险 |
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Low-cost equity capital financing
of listed companies and financial risks |
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ZHANG Gen-ming,PENG Jian |
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（School of Business, Central South University, Changsha 410083, China） |
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| Abstract: Listed companies are keen on equity capital financing while neglecting debt capital financing, and meanwhile tremendous raised capital remains intact or entrusted for investment. This will not only undermine listed companies′ competitiveness but also continuously generate market bubbles, and moreover, the unbalance structure between direct financing and indirect financing caused by low-cost equity financing will accumulate the structural risk of the whole financial market. In post-WTO China, price-earning ratios of global capital markets tend to an average level, which is bound to result in the break of the market bubbles and trigger financial risks. Thus, it is of realistic significance, for the sake of keeping financial risks from happening, to take effective measures to check increasingly prevailing lowcost equity capital financing. |
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Key words: listed companies; equity capital financing; price-earning ratio; financial risks |
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