上市公司股权融资中英文对照外文翻译文献.doc

上市公司股权融资中英文对照外文翻译文献 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 isa 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 billions in1997, among which equity fund take the proportion of %, and the proportion % in1998 and % in1999, 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 in the capital market, they prefer to debt fund than equity fund. The statistic data shows that, from 1970 to1985, the American enterprises ’ debt fund financed occupied the % proportion of outside financing, more than equity fund. Yan Dawu etc. found that, approximately 3/4 of the panies preferred to equity fund in China. Many researchers agree upon that the panies ’ outside financing following this order: first one is equity fund, second one is convertible bond, third one is short-term liabilities, last one is long-term liabilities. Many researchers usually analyze our national panies ’ prefere