我国煤炭上市公司融资偏好实证分析

摘要

It is very important for coal mining enterprise’s development by revealing it’s financing preference .This paper analyzed the factors which affect the financing preference of coal listing Corporation . It carried out factor analysis by using the data of 22 coal listing Corporation between 2009 and 2011 ,and the 7 main factors without multiple collinearity were found .It also constructed a regression model by using the equity ratio as the dependent variable which can reflect the financing preference ,7 main factors from the factor analysis as independent variables .The regression analysis shows that the prior financing method is the profit ,the more development ability will result in equity financing ,and the more concentrated equity ownership will take more financing preference influence from the stockholder .%揭示煤炭上市公司的融资偏好对煤炭企业改进融资方案，促进企业健康快速发展具有重要价值。本文系统分析了煤炭上市公司股权融资偏好的影响因素，利用因子分析法对22家煤炭上市公司2009～2011年的数据进行了分析，消除了影响因素之间的多重共线性，找出了7个主要影响因子。构建了以反映融资偏好的股东权益比率为因变量，以因子分析提取的7个主要影响因子为自变量的多元回归模型，并进行了回归分析。结果表明，煤炭上市公司融资最优先考虑的是企业留存收益；其成长能力越强，越偏好于股权融资；煤炭上市公司的股权越集中，企业股东对上市公司融资偏好形成的影响力越大。