Influences of Cost of Capital on Financing Preference of Chinese Listed Companies

摘要：

Opposite to the financing preference of creditors rights in western firms, Chinese listed companies obviously have the financing preference of shareholding. This essay uses the theory of property for reference, and redefines the concept Cost of Capital in a higher level and consider the cost of capital as the property of investors. Though a mathematics model I analyze that how restriction of cost of capitals property right makes influence on the financing preference of firms. And consider that it is the restriction of cost of capitals property right or the imperfect cost of capital property right that influence the financing cost of shareholding and creditors right, hence, determine the financing preference of listed companies. In other words, it is the restriction of cost of capitals property right that cause the financing preference of creditors rights in western firms, and the imperfect cost of capitals property right is the reason for the financing preference of shareholding of Chinese listed companies.

关键词： Cost of Capital property right financing preference

作者: Lin Song Gang Tu

作者单位: College of Finance, Shangdong University of Finance, Jinan, 250014, China

会议类型: 国际会议

会议名称: 第八届武汉电子商务国际会议(The Eighth Wuhan International Conference on E-Business)

会议地点: 武汉

会议语种:英文

页码: 1454-1459

在线出版日期: 2009-05-30（万方平台首次上网日期，不代表论文的发表时间）