股票融资

本文主要是运用信息有限性和融资优序理论，根据融资方式中的财政融资、内部融资、债权融资和股票融资分析了F水务公司的融资策略，并且分析了各自的风险，提出风险防范措施。

This paper mainly uses information limited and pecking order theory , according to the financing mode of financing , internal financing , debt financing and stock financing analysis of F Water Service Company financing strategy , and analyzed their risk , put forward risk prevention measures .

第4章，股票融资与债券融资的差别对北京会展企业融资方式的启示，主要是通过介绍股票融资和债券融资的差别来分析对北京会展企业的影响；

Analyse differences between stock financing and bond financing and influences on Beijingenterprise ;

股票融资或称为有价证券和债务融资。

Equity financing ? otherwise known as securities ? and debt financing .

在企业直接融资渠道中，股票融资和债券融资是最主要的方式。在国际资本市场上，债券融资已日益取代了股票筹资，逐渐成为国际直接融资中占统治地位的筹资渠道。

Stocks and corporate bonds are widely used in the direct financing instruments .

企业能获得足够的股票融资来维持强劲的增长吗？

Will companies be able to raise enough equity to keep growth humming ?

与其他国家相比，中国企业更加偏好于股票融资。

Compared with other countries , companies in China prefer to have stock investment .

在企业的直接融资渠道中，股票融资和债券融资是最主要的方式。

Stocks and corporate bonds are the major means of the enterprises ' direct financing .

扩大股票融资减轻企业负债

Expanding Stock Financing Reducing Enterprise Liability

从目前我国农业上市公司在资本市场融资的情况看，全部通过发行股票融资，没有发行具有较强融资优势的可转债。

Almost all agricultural limited corporations in our country shares the financing and without convertible bonds .

融资顺序不合理，先外部融资再内部融资，先股票融资再举债融资。

Financing order is not reasonable .

以境外股票融资为主的外商其它投资取得较大进展。

Great progress has been made in other foreign investments mainly through financing of overseas stocks .

目前，香港证券市场仍然是我国企业国际股票融资的主要场所。

In the past we mainly issue international bonds in financial markets of Japan and United States .

由此表明，我国可转债融资选择的动机是实现间接股票融资。

Therefore we can unveil the real motives of convertible bond financing-chosen strategy & realize indirect equity financing .

债务融资的市场择时行为并不显著影响中国上市公司的资本结构，而股票融资的市场择时行为短期内显著影响公司的资本结构；

Debt financing does not influence the capital structure of the Chinese listed companies significantly while stock financing does ;

根据国外的融资结构理论和实践，企业融资的顺序是：内部融资、债券融资、最后才是股票融资。

According to the financing theory and practice abroad , financing order is financing inside , bond and stock .

关键词：股票融资；控制性股东；非控制性股东；内生决定；最优股权结构。

Key words : stock financing , controlling shareholder , non-controlling shareholder , endogenously determined , optimal shareholder structure .

而我国资本市场的发展与国际发展潮流是背道而驰的。中国的资本市场上股票融资远大于企业债券融资。

In international capital market , corporate bonds are used more and more and stocks are used less and less .

在发达的市场经济国家里，企业债券融资正日益取代股票融资，成为占主导地位的企业直接融资方式；

In the developed market economy , enterprise bonds financing is replacing share financing and becoming a predominant direct financing method .

三是在股票融资方面，民营企业上市融资需要股票市场的制度创新；

Third , in stock financing , the listing financing of the private enterprise needs system innovation of the stock market ;

这次首次上市股票融资数额打破了几年前由中国另一家银行创造的记录。

The money raised by the initial stock sale exceeds the previous record set several years ago by another Chinese bank .

这需要中国的股票融资占国内生产总值的比重由2007年的124%上升至185%。

That would take China 's stock of financing to 185 % of GDP , up from 124 % in 2007 .

介绍并分析了我国化工企业直接融资（债券融资和股票融资）的途径。

The paper introduced and analyzed the directly finance ways - bond finance and stock finance - in China chemical enterprises .

在直接融资策略方面，主要有股票融资、建立互助发展基金、典当融资等融资策略。

The tactics of direct circulating funds include stock circulating , establishing development funds based on mutual aid , mortgage , etc.

企业通常的3种融资方式分别为内部融资、股票融资、债权融资。

The means of three kinds of finance inside business enterprises usually are internal finance , share finance and debt finance .

其次，把企业债券融资与其它融资方式，主要是银行融资和股票融资，做了比较分析。

After that the dissertation compare the enterprise bonds financing with other financing methods , especially the bank financing and share financing .

目前，我国公司债券融资发展速度缓慢，企业对股票融资和银行贷款更加偏重。

At present , the debenture financing is developing at a slow pace because corporations usually prefer stock financing and bank loans .

如果一家公司贷款的成果只是为购买自己的股票融资，那将形成一个可怕的循环。

It is scarily circular when a company can lend money that may end up financing the buying of its own shares .

同样，人们也不清楚政府将如何为购买股票融资（虽然它或许还只会发行更多债券而已）。

Nor is it clear how the government would fund these purchases ( although it would presumably just issue more bonds ) .

目前国内已有学者对股票融资与产业结构升级的关系进行了理论和实证研究，但对于这个问题，学者们并没有进行深入细化的研究。

Some studies had theoretical and empirical research on connection between equity financing and industrial structure upgrading , but no further refining study .

国外成熟的资本市场中，企业通过债券融资的比例远远大于另一种直接融资方式&股票融资和银行贷款等间接融资方式。

In the mature foreign capital markets , enterprises finance much often by bonds than by stocks which is another direct financing tool .