会计学外文翻译--中国上市公司偏好股权融资：非制度性因素(编辑修改稿)

会计学外文翻译--中国上市公司偏好股权融资：非制度性因素(编辑修改稿)内容摘要：

f longterm liabilities is zero. Why? Some reasons may be that there are some petitors in the market who own analogous technologies and the management of Qualm Company takes conservative attitude in financing activities. But the most important factor may be Qualm Company owns a mass of intangible assets which will have lower convertibility and the pany’s value will decline when it has no enough money to pay for its debt. Many listed panies in China are transformed from the national enterprises. In the transformation, these listed panies take over the highquality assets of the national enterprises, but with the development of economy, some projects can not coincide with the market demand and the values of relative assets decline. On the other hand, there are many intangible assets in new hightech panies. Stateowned panies and hightech panies are the most parts of the capital market. We can conclude that the qualities of listed panies’ assets are very low. This point is supported by the index of P/B (PricetoBook value) which is usually thought as one of the most important indexes which can weigh the qualities of the listed panies’ assets. According to statistic data ing from Shenzhen Securities Information Company, by the end of November 14, 2020, there were 412 panies whose P/B is less than 2, take the 30% proportions of total listed panies which issue Ashare in China, among them, there were 150 panies whose P/B is less than , and weighted average P/B of the stock market is . Lower qualities of assets means more cost may be brought out from debt fund and lower total value of the listed panies. Thus the listed panies prefer to equity fund when need outside financial support in China. 4. Profitability and preference to equity fund Financial Leverage Theory tells us that a small change in pany’s profit may make great change in pany’s EPS (Earnings per share). Just like leverage, we can get an amplified action by use of it. Debt fund can supply us with this leverage, by use of debt fund, these panies which have high level of profitability will get higher level of EPS because debt fund produces more profit for shareholders than interest shareholder shall pay. On the contrary, these panies which have low level of profitability will get lower level of EPS by use of debt fund because debt fund can not produce enough profit for shareholder to fulfill the demand of paying off the interests. Edison International Company has steady amount of customers and many intangible assets, these supply it with high level of profitability and ability to gain debt fund, its debt account to % proportions of its total assets in 1999. Listed panies in developed countries or regions always have high level of profitability. Take US for example, there are many listed panies which have excellent performance in American capital market when do business, such as Morgan, its EPS is $ per share in 1999. Besides it, GM, GE, Coca Cola, IBM, Intel, Microsoft, Dell etc. all always are profitable. In Hong Kong, most of those panies whose stock included in Hang Sang Index have the level of EPS more than 1 HKD, many are more than 2 HKD. Such as Cheung Kong (Holdings) Limited, its EPS is HKD. But listed panies do not have such excellent performance in profitability in China inland. Their profitability is mon low. Take the performance of 2020 for example, the weighted average EPS of total listed panies is only Yuan per share, and the weighted average P/B is Yuan per share, percents of these listed panies have negative profit. With low or no profit, the benefit nixes, listed panies’ preference to equity fund is a reasonable phenomenon. Can be gained from debt fund is very little。 the listed panies can even suffer from the financial distress caused by de。