| Abstract: | 大陸自經濟改革之後,公有制企業逐漸形成股份制企業,企業體制明顯可區分為國營企業,鄉鎮企業,私有企業和三資企業等四類。發展股份制企業,透過管理深度改革,提高企業經營效率,再向資本市場發行股份,由大眾持有股份與大眾監督,加速資本形成,發展與社會主義之市場經濟路線。當然此一過程,涉及效率與價值之問題,到底公有制企業之經營效率能否與民營企業相比較,其經營限制及優勢又是如何?成為大陸公有企業經營問題論及之焦點,其次到底公有企業之股份價格是否能正確評價?在本文研究報告已有概述。 股份制企業既已成為開放市場經濟之發展策略,這些股份制企業絕大部分為公有制企業,少部分為三資企業,其財務融資決策行為與金融市場之互動關係,影響其經營效率,亦是本文論文討論之重點,研究結果,發現股份制企業之融資並沒有財務理論融資順位之方式出現,又由於計畫經濟之指導政策下,絕大部分股份制企業融資決策考量最適資本結構和稅盾效果並不明顯,僅財務危機成本及資金成本之高低為其融資時較注意之兩項因素。
Since the Economic renovation has been launched in Mainland China in 1970`s. It is important that the government owned business has been transforming into shared companies in nowadays. The business enterprise obviously can be classified into: central state owned, county government owned, private owned and joint venture (including foreign owned) four types. The major strategy for developing the socialism market economy in Mainland China is going through the depth management technique, and creating operation efficiency, relying on capital market, transforming into public owned companies. One of the serious problem in the transforming process is regarding to the determination of the efficiency and the value of the stated property. What are the major constraints and niches of a nationalism-business. The issue is covered briefly in this paper. We are also dealing with the issue in terms of shared companies financing decisions under the China Mainland-financial system. This system has been titled one of the most strictly regulated country. The evidence has shown that the pecking order theory and the optimal capital structure theory are not quite important to the shared companies financing. Only the financial risk and the cost of capital items were considered in the scheme of financing decisions. |
