有关企业融资的毕业论文外文翻译(原文+译文).doc

毕业设计(论文)外文参考
资料及译文
译文题目: 中国上市公司偏好股权融资:非制度因素

学生姓名: 董智慧学号:1221407018
专业: 会计学
所在学院: 龙蟠学院
指导教师: 王蓉
职称: 副教授
2013年12月20日
Chinese panies Preference to Equity Fund: Non-Systematic Factors
Abstract
This article concentrates on the panies’ financing activities in China, analyses the reasons that why the panies prefer to equity fund from the aspect of non-systematic factors by using western financing theories, such as financing cost, types and qualities of the enterprises’ assets, profitability, industry factors, shareholding structure factors, level of financial management and society culture, and concludes that the preference to equity fund is a reasonable choice to the panies according to Chinese financing environment. At last, there are some concise suggestions be given to rectify panies’ preference to equity fund.
Keywords: Equity fund, Non-systematic factors, financial cost
1. Introduction
The panies in China prefer to equity fund, According to the statistic data showed in <China Securities Journal>, the amount of the panies finance in capital market account to billions in 1997, among which equity fund take the proportion of %, and the proportion is % in 1998 and % in 1999, on the other hand, the proportion of debt fund to total fund is respective %, % and % in those three years. The proportion of equity fund to total fund is lower in the developed capital market than that in China. Take US for example, when American enterprises need to fund in the capital market, they prefer to debt fund than equity fund. The statistic data shows that, from 1970 to 1985, the American enterprises’ debt fund financed occupied the % proportion of outside financing, more than equity fund. Yan Dawu etc. found that, approximately 3/4 of the panies preferred to equity fund in China. Many researchers agree upon that the panies’ outside financing following this order: first one is equity fund, second one is convertible bond, third one is short