優(yōu)先股發(fā)行對(duì)我國(guó)上市公司融資的影響研究

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【摘要】隨著經(jīng)濟(jì)發(fā)展和技術(shù)進(jìn)步，優(yōu)先股作為一種金融工具，在現(xiàn)代西方發(fā)達(dá)市場(chǎng)經(jīng)濟(jì)國(guó)家中的運(yùn)用已經(jīng)得到廣泛的認(rèn)同與推廣。將優(yōu)先股引入到我國(guó)上市公司的融資中來(lái)，以滿足企業(yè)多樣化的融資需求，對(duì)于我國(guó)企業(yè)的發(fā)展具有重要意義。然而，自我國(guó)股份制改革以來(lái)，回顧證券市場(chǎng)發(fā)展歷程，我們注意到，優(yōu)先股在我國(guó)應(yīng)用并不多，這成為我國(guó)股份制改革的盲點(diǎn)。因此，如何建設(shè)和健全我國(guó)的優(yōu)先股制度成為目前所需關(guān)注的重點(diǎn)問(wèn)題。本文旨在通過(guò)對(duì)優(yōu)先股的概述，優(yōu)先股在國(guó)外的發(fā)展實(shí)踐，優(yōu)先股發(fā)展的融資策略等方面進(jìn)行分析，進(jìn)而提出我國(guó)發(fā)行優(yōu)先股時(shí)應(yīng)注意的問(wèn)題。
【關(guān)鍵詞】?jī)?yōu)先股；融資；優(yōu)先股制度


A research on the impact of listed companies finance by issuing preferred stock in China
Abstract With economic development and technological progress, preference shares as a financial instrument, used in modern Western countries in the developed market economies has been widely recognized and promoted. It is important to introduce the preference shares to listed companies finance in China so it can meet the financing needs of corporate diversification. However, since the joint-stock reform of China, reviewing the development of the securities market, we note that the preference shares is not widely used in China, which became the blind spot of the joint-stock reform. Therefore, how to build and improve our preferred stock system is becoming the focus of the current problem needed attention. This article’s aims are that analysis the overview of preferred shares, the development of preferred shares in foreign countries, as well as the financing strategy of Preferred stock development. So we can raise the problems of the issuance of preference shares that need to be cared.
Key words Preferred Stock Financing Preferred stock system


目 錄
第1章 優(yōu)先股概述 1
1.1優(yōu)先股的概念 1
1.2優(yōu)先股的特征 1
1.2.1優(yōu)先股與普通股的比較 1
1.2.2優(yōu)先股與債務(wù)融資的比較 2
1.3優(yōu)先股的種類 2
1.4優(yōu)先股的作用 3
第2章 優(yōu)先股在國(guó)外的發(fā)展及運(yùn)用 5
2.1優(yōu)先股的起源與發(fā)展 5
2.1.1優(yōu)先股在歐美的起源 5
2.1.2優(yōu)先股的發(fā)展 5
2.1.3優(yōu)先股制度與經(jīng)濟(jì)轉(zhuǎn)型的關(guān)系 6
2.2國(guó)外優(yōu)先股的運(yùn)用 7
2.2.1經(jīng)濟(jì)穩(wěn)定時(shí)期優(yōu)先股的運(yùn)用 7
2.2.2金融危機(jī)時(shí)期優(yōu)先股的運(yùn)用 8
第3章 我國(guó)上市公司融資困境與優(yōu)先股發(fā)展的必要性 10
3.1我國(guó)企業(yè)融資面臨的困境 10
3.1.1普通股融資困境 10
3.1.2公司債券融資困境 11
3.1.3銀行貸款融資困境 11
3.2優(yōu)先股在我國(guó)的發(fā)展歷程 12
3.3 我國(guó)發(fā)展優(yōu)先股的必要性 12
3.3.1優(yōu)先股對(duì)普通股可以起到很好的補(bǔ)充作用 13
3.3.2優(yōu)先股有利于完善公司法人治理結(jié)構(gòu) 13
3.3.3優(yōu)先股有利于規(guī)范和穩(wěn)定股市，完善資本市場(chǎng) 13
第4章 優(yōu)先股融資對(duì)上市公司的影響及其發(fā)展策略 14
4.1優(yōu)先股的融資優(yōu)勢(shì) 14
4.2上市公司發(fā)行優(yōu)先股的影響 14
4.2.1積極影響 14
4.2.2消極影響 16
4.3 優(yōu)先股融資策略 16
4.4優(yōu)先股的發(fā)展前景 17
參考文獻(xiàn) 18