[雙語翻譯]--外文翻譯--上市公司股權(quán)融資偏好制度因素分析（節(jié)選）

1、2350 單詞， 單詞，13900 英文字符， 英文字符，4000 漢字 漢字出處： 出處： Emerging Technologies for Information Systems, Computing, and Management. Springer New York, 2013:1147-1153.Chapter 128 Institutional Factors Analysis of Listed Company’s

2、Equity Financing Preference: Based on the Latest Data of Listed Company in Manufactory IndustryJianqiang Guo, Hang Zhang and Hongna WangAbstract In order to analyze the influence of institutional factors on listed com

3、pany’s equity financing preference, this paper collects the data of manufac- turing companies during 2003–2010 in China’s A-share market, which has begun to take shape after several years of rapid development. The pape

4、r mainly analyzes the role of control properties, equity structure and price earnings ratio in the company’s financing preference. The statistical regression results show that dif- ferent control property will result

5、in different financing preferences of the listed companies. And only equity structure and price earnings ratio are combined with control property. They would play a role in company’s financial structure. It argues tha

6、t this is mainly because of the main body of the listed company is restructured state-owned enterprises, which are controlled by state capital. So the choice of financing mode reflects the will of the managers. This pa

7、per provides important reference to the whole stock market and capital market.Keywords Financing preference · Control property · Equity structure128.1 IntroductionThe financing structure of listed companies i

8、n developed countries generally fol- lows the pecking-order theory of Myers and Majluf (1984). A firm’s financing order is retained earnings, debt and equity. Based on the study of Chinese listed companies’ financing

9、preference, scholars found that Chinese listed companies prefer equity financing rather than debt financing. The formation of the equity financing preference of listed companies in China is strongly linked to instituti

10、onal constraints in our country including the development of securities market and listed companies’ characteristics and so on. Therefore, this paper mainly analyses the reasons of equity financing preference of liste

11、d companies in China from the point of institutional factors.Under the study of papers on financing behavior of the listed companies andcapital structure, the author found that some scholars had analyzed the formation

12、mechanism of listed companies’ financing behavior and done some empirical analysis from the institutional factors. But the previous research has ignored the systematic analysis of institutional factors. This paper will

13、 attempt to overcome this defect. From the view of institutional factors on China’s special background, 128.3.1 Variables SetThis paper selects debt-to-long capital ratio as financing preference proxy variable, or expl

14、ained variable (represented by Debt). In addition, we apply institutional factors proxy variable as explanatory variable. The following variables are mainly included: (1) PE ratio (represented by Pe). Despite the low P

15、E ratio is worth to be invested for people, however, from the shareholders and managers’ perspectives, high PE ratio is more suited to their interests. Therefore, this paper forecasts PE ratio and debt-to-long capital

16、 exert negative correlation. (2) Ownership concen- tration and level of managerial share ownership. Governance structure of our listed companies is not perfect, mainly reflected by serious phenomenon that one sharehol

17、der or a few shareholders control stakes. This paper forecasts the first large proportion of shareholding and debt-to-long capital exerts negative correlation. From the view of benefit maximization, low level manageria

18、l share ownership (represented by Manage) leads company manager to prefer equity financing. So this paper forecasts the coefficient is positive. (3) Actual controller property (represented by Contrl). This paper intro

19、duces the dummy variables of actual controller property. 1 stands for state-owned capital holding, while 0 stands for other capital holdings. This paper cannot forecast symbol, only data can illustrate the problem. Fi

20、nally, according to the research conclusions of domestic and for- eign scholars, we select five control variables to regulate the impact of other factors on equity financing preference in empirical research, they are c

21、ompany size (represented by Size), profit rate to net worth (represented by ROA), tangible asset rate (represented by Tang), increase rate of business revenue (represented by Gr_oi), actual income tax rate (represente

22、d by Tax). The paper forecasts there is positive correlation between debt-to-long capital ratio and actual income tax rate, debt-to-long capital ratio and tangible asset rate. As for other variables, only data can ill

23、ustrate the problem.128.3.2 Model Design and Research Hypothesis(1) Model Design. The purpose of this study is to investigate whether there is any influence exists between actual controller properties of listed company a

24、nd finance preference. So we constructed multiple regression model, to facilitate comparison, we introduce two cross variables, they are actual controller properties and equity structure, actual controller prope

25、rties and PE ratio. (model shown below)Debt = a+β1Pe +β2Manage +β3Centrl+β4Size +β5ROA +β6Tang +β7Tax +β8Contrl +β9Gr_o +β10Pe*Contr +β 11Manage*Contrl+β12Centrl*Contrl+ uIn the model, a represents a constant, u is a

26、 random variable.(2) Research hypothesis. We propose the following null hypothesis and alternative hypothesis.H1a Financing preference of listed companies controlled by different nature capital don’t exist significant