外文翻译---中国上市公司偏好股权融资：非制度性因素.doc

有关企业融资的毕业论文外文翻译（原文+译文） 原文Chinese Listed Companies Preference to Equity Fund: Non-Systematic Factors Abstract ：This article concentrates on the listed companies’ financing activities in China, analyses the reasons that why the listed companies 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 listed companies according to Chinese financing environment. At last, there are some concise suggestions be given to rectify the companies’ preference to equity fund. Keywords: Equity fund, Non-systematic factors, financial cost 1. Introduction The listed companies in China prefer to equity fund, According to the statistic data showed in China Securities Journal, the amount of the listed companies finance in capital market account to 95.87 billions in 1997, among which equity fund take the proportion of 72.5%, and the proportion is 72.6% in 1998 and 72.3% in 1999, on the other hand, the proportion of debt fund to total fund is respective 17.8%, 24.9% and 25.1% 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 91.7% proportion of outside financing, more than equity fund. Yan Dawu etc. found that, approximately 3/4 of the listed companies preferred to equity fund in China. Many researchers agree upon that the listed companies’ outside financing following this order: first one is equity fund, second one is convertible bond, third one is short-term liabilities, la