文档介绍：对外经济贸易大学
硕士学位论文
公司股权融资与流动性关系分析
姓名:李彬楠
申请学位级别:硕士
专业:金融学
指导教师:董虹
20080501
摘要

2006-2007 年,伴随“新老划断”新政策的实施、股权分置改革效果的初步
显现以及货币市场流动性的逐步增加,中国股权资本市场交易规模和交易数量快
速发展,非公众公司选择通过首次公开发行方式筹集资金,而公众公司选择增发
和配股的方式进行融资的规模也快速增长。本文通过分析中国货币市场和股权资
本市场的特点,试图寻找目前货币市场和资本市场存在的一些特征,这些特征一
部分是通过与国外货币市场和资本市场的状况进行比较获得的,一部分是通过分
析中国自身金融深化过程的规律总结的。在获得对中国金融市场的总体认识后,
对近十年中国的公司融资总量和方式进行分析,进而寻找一国货币市场的基本面
与公司融资方式选择之间的关系。文章最后运用回归的方法对两者之间的关系进
行定量研究,计量结果基本符合预期:从总量上看,货币市场中货币供应量较为
充裕的情况下,股票市场各指数走势向好,公司选择通过股权资本市场融资的数
量增大。同时,由于货币供应量有限,公司首发规模的加大会挤占上市公司利用
再融资和配股方式时融资的规模。文章同时注意到作为融资手段的另一种方式:
收购兼并。在较为发达的资本市场中,上市公司较多运用股权支付方式完成对其
他公司的收购,但是在中国,上市公司一般采取现金支付的方式进行收购。所以,
中国股权资本市场在 2006-2007 年所显示出的交投活跃并不能有效影响并购的规
模及数量。

关键词:货币供应量,融资模式偏好,首次公开发行,再融资

I
Abstract

During the years of 2006-2007, the equity capital market reform has formed the
great effect on stock market, especially with the pace of the increasing liquidity in
money market. The equity capital market has gained obvious development: both the
volume of trade and the value of the panies increased fast. Generally
speaking, enterprises will prefer to finance through the method of IPO in this
circumstances, and the pany will choose SEO and RI to collect money. The
author of this paper analysis the characters of the money market and capital market
around China: some can be gained from parable analysis between China and
other countries; others can be observed by studying the process of financial deepening
in China. What’s more, the author also collected the data of panies’ financing
related activities, in order to find the relationship of basic financial indicators and
financing preference. The last part of this paper put focus on using the applied
statistical method to check the conclusions which have been mentioned above. The
result matches with the expectation: standing at the point of the financial market, the
sufficient supply of money has the positive eff