股权融资论文中英文资料外文翻译文献.doc

中英文资料外文翻译文献
原文:
Chinese panies Preference to Equity Fund: Non-Systematic Factors
Abstract
This article concentrates on the panies’ financing activities in China, analyses the reasons that why the panies 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 panies according to Chinese financing environment. At last, there are some concise suggestions be given to rectify panies’ preference to equity fund.
Keywords: Equity fund, Non-systematic factors, financial cost
1. Introduction
The panies in China prefer to equity fund, According to the statistic data showed in <China Securities Journal>, the amount of the panies finance in capital market account to billions in 1997, among which equity fund take the proportion of %, and the proportion is % in 1998 and % in 1999, on the other hand, the proportion of debt fund to total fund is respective %, % and % 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