中国上市公司融资结构影响因素分析外文翻译.doc

外文翻译 原文 Financing structure of listed companies in China Analysis of the factors affecting Material Source: Journal of international money and finance（2000）Author:Chien-Hsun Chen 　　（A）The system of factors Transition in Chinas economic conditions, economic structure and macro-systems do not have the stability of the background, the financing system is still in the rapid and dramatic changes in the process, so the institutional factors will certainly affect the financing structure. For example, there may be past the debt ratio is too high, need to be optimized through equity financing. This is mainly because of Chinas controlling shareholder of listed companies are mainly state-owned large and medium-sized enterprises, has been on the state funding. The 20th century began in the mid-80 to suddenly increase the liabilities and state-owned enterprises of Chinas huge booth, in the context of such a system to improve the over-indebtedness of the predicament of many state-owned enterprises listed on the fundamental restructuring motives. （B）The low cost of equity financing 　　Financing costs is to raise and use funds to pay various fees and charges. Equity financing and bond financing in the financing costs, interest or dividends are mainly expenditure, transaction costs, and taxes and so on. In Chinas capital market, in Chinas listed companies is generally not a high level of profitability, dividend yield is very low, companies tend to adopt various means, such as non-cash dividend distribution, a lower proportion of the distribution of cash dividend or distribution to the form of stock dividends, Therefore, the cost of dividend payments lower than the theoretical level. Bond financing and there are restrictions on debt-servicing constraints. Therefore, in our country, the equity financing for listed companies is not subject to supervision and restraint become no pressure on the optimal service The mode of financing. （C）The ownership structure of list