从啄食理论看我国上市公司的融资偏好----毕业论文

2008届本科毕业论文（设计）论文题目从啄食理论看我国上市公司的融资偏好学生姓名所在学院电子商务学院学号指导教师成绩2008年4月XXXA1A2A0A3A4A5A6A7A9A10A8A12A13A11A14A15A6A16A17A18A19A20A21A22A23A24A25A26A272XXX大学本科毕业论文（设计）原创性及知识产权声明本人郑重声明所呈交的毕业论文（设计）是本人在导师的指导下取得的成果。对本论文（设计）的研究做出重要贡献的个人和集体，均已在文中以明确方式标明。因本毕业论文（设计）引起的法律结果完全由本人承担。本毕业论文（设计）成果归XXX大学所有。特此声明。毕业论文（设计）作者签名作者专业财务管理作者学号2008年月日XXXA1A2A0A3A4A5A6A7A9A10A8A12A13A11A14A15A6A16A17A18A19A20A21A22A23A24A25A26A273XXX大学本科学生毕业论文（设计）开题报告表A28A29A30A31A32A33A34A35A36A37A38A39A28A40A41A42A43A44A45A46A47A48A49A50A51A28A29A30A31A32A33A52A53A54A55A28A29A30A31A32A33A56A57A58A56A59A60A61A62A63A34A61A64A65A66A67A68A69A39A70A70A71A71A72A73A74A75A76A77A78A74A75A76A77A79A28A29A80A81A82A83A84A85A47A48A49A39A28A86A87A88A89A90A91A92A93A94A95A96A37A38A97A39A28A93A98A99A100A66A101A102A103A48A49A104A105A43A106A107A108A109A110A111A112A99A113A53A48A49A114A115A68A48A49A114A116A117A48A49A93A118A119A96A37A38A97A39A28A101A120A104A100A66A47A48A49A121A122A123A124A125A126A47A127A59A128A129A93A130A83A123A42A131A132A133A47A134A135A90A49A136A44A137A138A139A140A141A83A123A42A47A43A44A45A46A47A48A49A111A112A119A142A143A144A145A118A146A147A148A149A150A121A122A123A151A152A153A154A155A156A47A120A104A48A49A39A28A47A157A158A93A36A159A160A161A162A93A163A164A165A166A167A168A169A49A170A171A172A173A90A150A174A175A85A123A42A43A44A45A46A48A49A111A112A47A157A158A176A176A28A29A93A118A177A146A147A178A179A180A145A118A181A129A148A182A152A153A154A29A183A99A184FUNDAMENTALSOFFINANCIALMANAGEMENTA185EUGENEFBRIGHAMJOELFHOUSTONA186A187A188A189A190A191A192A190A193A194A185A195A196A197A198A199A200A186A189A190A201A190A202A203A204A185A205A206A207A208A209A207A210A186THEANALYSISOFTHEORDEROFFINANCINGFORTHELISTEDCOMPANIESINCHINAA185A186A211A212A187A188A192A190A213A214A215A216A217A218A219A220A221A222A223A224A217A225A226A185A227A228A229A186A187A188A192A190A215A216A201A223A224A187A188A217A192A190A213A214A185A230A231A232A233A234A235A236A236A237A237A238A239A240A241A240A241A240A241A242A242A243A244A244A242A242A245A246A247A248A249A250A251A246A247A248A249A252A253A254A255A73A0A1A2A3A4A5A6A7A8A9A10A11A12A13A14A15A16A17,A183A18A19A12A13A0A1A2A20A21A154A12A13A64A22A23A24A154A187A25A26A27A28A83A29A30A31A32A33A34A35A36A37A38A39A40A41A42A43A44A45A46A47A48A49A50A51A52A53A54A112A32A100A28A60A55A56A61A25A57A58A59A62A63A35A65A66A42A67A33A68A69A42A70A31A71A72A74A75A60A202A71A61A76A77A78A67A33A68A69A42A70A31A26A27A63A28A82A79A67A33A68A69A80A81A84A31A85A42A86A87A63A177A88A77A78A89A90A42A70A31A26A27A63A210A91A89A90A42A92A65A93A94A95A96A63A82A79A89A90A205A97A42A98A99A78A101A102A103A104A105A42A98A99A78A112A57A100A106A58A107A37A108A109A110A106A112A219A51A110A106A42A111A57A210A113A57A114A28A83A115A116A42A117A42A101A118A119A112A219A120A110A106A42A32A57A121A107A37A47A48A76A57A122A123A227A124A35A125A47A126A127A42A70A31A25A57A74A75A128A129A101A130A205A63A74A131A35A55A56A25A57A74A75A106A132A63A28A83A133A80A125A47A134A66A89A90A70A31A75A58A135A136A137A138A42A139A140A116A141A63A231A124A232A122A65A66A89A90A79A142A143A233A79A113A42A134A144A70A31A71A72A235A35A133A74A75A106A132A101A52A145A146A147A237A124A106A132A65A66A67A33A68A69A233A79A113A42A70A31A71A72A148A60A55A56A61A25A57A210A113A42A70A31A149A111A177A126A150A42A151A152A112A219A107A110A106A42A26A57A108A109A239A35A65A66A67A33A68A69A42A70A31A71A72A74A75A60A55A56A61A42A202A71A63A26A163A135A66A79A142A143A42A82A153A155A156A210A113A51A157A158A159A112A67A33A68A69A239A65A66A89A90A135A42A160A161A63A162A164A31A32A33A34A165A77A78A31A203A166A167A63A239A65A66A40A41A39A168A247A169A42A170A171A172A173A63A77A78A67A33A68A69A42A70A31A26A27A174A233A175A65A66A89A90A70A31A47A176A178A179A42A47A173A63A35A180A67A33A68A69A70A31A26A27A42A77A78A50A175A181A182A116A141A112A184A175A185A186A40A41A42A188A189A78A63A135A66A89A90A42A70A31A26A27A190A191A138A125A47A70A31A25A57A42A53A54A63A192A239A135A66A42A193A194A66A155A195A52A196A135A66A42A89A90A42A70A31A47A176A50A92A197A42A193A114A112A32A100A198A199A121A55A56A25A57A113A162A63A146A147A135A66A67A33A68A69A42A70A31A71A72A63A235A35A65A66A79A75A42A70A31A71A72A74A75A60A202A71A61A63A200A182A89A90A42A70A31A75A58A63A247A74A40A201A204A25A63A210A91A89A90A206A207A63A82A79A89A90A205A97A42A98A99A78A63A74A131A210A91A208A209A31A203A166A167A42A206A211A63A212A74A40A41A43A44A45A213A214A40A41A117A215A112A216A216A217A217A218A220A221A222A223A224A225A221A222A223A224A226A228A229A230A234A236A238A240A229A230A234A236A241A231A242A242A243A244A227A231A245A227A246A123A248A249A250A251A252A253A254A255A90A40A0A42A1A34A106A132A6A231A242A242A243A244A227A231A245A237A227A246A123A248A249A100A184A35A122A254A255A90A40A0A42A36A75A37A252A253A6A231A242A242A25A244A237A245A39A246A29A123A248A249A255A90A40A0A42A41A2A40A0A63A43A3A74A75A50A111A45A4A231A242A242A25A244A237A245A227A237A246A29A123A248A249A255A90A57A100A47A5A231A242A242A25A244A49A245A231A242A246A29A123A57A100A7A8A254A40A0A249A52A6A9A217A221A222A10A11A10A11A10A11A42A42A14A15A15A12A12A44A13A16A223A17A18A19A20A13A16A19A20A241A125A47A79A174A89A90A70A31A25A57A42A146A147A53A249A54A63A126A127A31A48A190A53A21A105A63A65A66A53A46A194A56A190A210A113A30A51A157A210A35A65A66A155A156A42A70A31A25A57A63A177A30A57A157A25A57A49A58A22A239A60A23A24A51A157A73A116A165A57A100A135A63A63A87A58A26A50A65A249A51A37A66A58A248A36A42A41A2A112A136A28A80A67A115A42A30A50A135A108A109A116A27A99A145A42A135A125A47A89A90A70A31A25A57A42A40A68A25A57A135A136A116A27A42A25A57A69A70A28A30A210A113A196A73A170A42A60A55A56A149A111A31A32A33A38A46A51A55A59A81A61A62A33A61A61A82A64A33A71A61A25A57A101A87A66A194A56A72A74A75A76A77A101A93A78MODIGLIANIANDMILLER,1958A79A80A83A95A95A84A85A196A86A88A96A89A90A91A83A84A85A92A97A94A98A221A147A99A100A101A102A103A104A105A106A107A108A109A110A148A83A111A112A86A239A113A114A115A117A118A119A120A121A122A123A124A83A125A126A101A92A127A128A129A130A83A131A132A109A110A133A221A134A136A92A137A99A100A101A102A103A104A83A105A106A107A108A79A138A115A139A140A83A141A132A142A143A144A145A146A149A150A151A152A153A151XXXA154A155A156A157A158A159A160A161A162A163A164A165A166A167A168A169A160A171A172A173A174A175A176A177A178A179A180A181A1824摘要进入21世纪，资金短缺依然是企业发展所面临的最迫切问题，无论企业的组织形式、经营规模有多大差别，无论企业的经济效益、发展前景有多少不同，但都G19602以G6682G14085资金短缺G3268G3671和对资金G19283G7411G9224G8726的G8454G7407，所以，G15713资G4613成G1038企业G5617G13783的G3848G12573大G1119。对G990G5078G1856G2508G13792G16340，G15713资方式是多G12193多G7691的，G3926G1457G11053G11420G1325、G19146G15904G1523G8466、G6252G7099，G1075G2499以发G15904G13941G12092、G1856G2508G1550G2060G12573。G17837G1135G15713资方式的G15713资G20081G2010别G2356G15713资G5647G20081的G8616G1375G1863G13007，G4613G7512成G1114企业的G15713资结G7512，G5194G15932G10628出企业的G15713资G1571G3921，G17837G980G1571G3921G1207G15932G11540G6117G3281G990G5078G1856G2508对G15713资方式的G17885G6333方G2533。本文以G990G5078G1856G2508的G15713资G15904G1038作G1038研究对G16949，G5194以G256G2840G20147G257理论G1038依G6466，重G9869研究G990G5078G1856G2508G15713资G1571G3921问题。本文G16809G3282G3250G12584以下G989个问题G29G111G12G11458前G6117G3281G990G5078G1856G2508G1867有G5602G7691的G15713资G1571G3921G34G112G12G6117G3281G990G5078G1856G2508G1038G1172G1052G1262有G17837G7691的G15713资G1571G3921G34G11G22G12依G6466G256G2840G20147G257理论，G1186G2750G1135方面对G990G5078G1856G2508G15713资G1571G3921进G15904G256G13428G1571G257G6177G14033G1363G6117G3281G990G5078G1856G2508G4466G10628企业G1227G1552最大G2282G34G1863G19202G16801G29G256G2840G20147G257理论G990G5078G1856G2508G15713资G1571G3921XXXA183A185A186A187A188A189A190A191A192A193A195A197A198A199A200A201A190A202A203A204A205A206A207A208A209A211A212A213A2145ABSTRACTWHATSTHEMOSTURGENTPROBLEMFACEDINENTERPRISESDEVELOPMENTIN21CENTURYTHEANSWERWILLBESHORTAGEOFFUNDNOMATTERTHEFORMOFTHECOMPANY,THEDIFFERENCESOFTHEBUSINESSSCALE,NOMATTERECONOMICBENEFITOFTHECOMPANY,ANDTHEPROSPECTOFTHEBUSINESS,ITSMOSTLYDIFFICULTTOBREAKAWAYFROMTHESHORTAGEOFTHEFUNDANDDESIRETOTHEFUNDFORALONGTIMESOFINANCINGBECAMETHEFIRSTTHINGASALISTEDCOMPANY,THEFINANCINGWAYISVARIED,SUCHASKEEPINGTHESURPLUS,LOANING,DEPRECATION,ISSUINGSTOCKS,COMPANYSBONDS,ANDSOONTHEWAYTAKESTHEPROPORTIONATEOFFINANCINGTOTALVALUESEPARATELY,FORMFINANCINGSTRUCTUREOFCOMPANYITHADAPARTIALITY,ANDTHEPARTIALITYREPRESENTSTHECHOICEDIRECTIONTOTHEFINANCINGWANOFLISTEDCOMPANYTHETEXTREGARDSFINANCINGBEHAVIOROFTHELISTEDCOMPANYANDTHERESEARCHOBJECT,TAKE“PECKINGORDERTHEORY”ASABASISTHERESEARCHATTEMPTSTOANSWERTHREEFOLLOWINGQUESTIONS1WHATISTHEPARTIALITYFORTHELISTEDCOMPANYOFOURCOUNTRY2WHYISTHERESUCHAPARTIALITY3ACCORDINGTO“PECKINGORDERTHEORY”,FORMWHICHRESPECTISITMAKETHELISTEDCOMPANYOFOURCOUNTRYREALIZETHEMAXIMUMOFCOMPANYVALUETO“RECTIFYADEVIATION”TOGOONTOHAVEAPARTIALITYFORTOLISTEDCOMPANYFINANCINGKEYWORDSPECKINGORDERTHEORYLISTEDCOMPANYFINANCINGPREFERENCEXXXA215A216A217A218A219A220A222A223A224A225A226A227A228A229A230A231A222A232A233A234A235A236A237A238A240A241A242A243A2446目录A245A246A247A248A249A250A246A251A252A253A254A2557A12A245A13A246A247A248A249A2507A12A14A13A246A247A248A251A252A3A254A2558A14A246A16A17A0A19A20A1A252A2A4A5A68A26A246A16A17A0A19A20A1A7A8A9A10A11A252A15A18A21A22A23A24A21A34A2510A40A246A8A9A28A27A29A30A31A32A33A35A252A36A3711A12A245A13A246A8A9A28A27A29A30A31A32A33A35A252A36A3711A52A246A32A46A38A39A41A42A43A59A38A39A33A35A54A44A2011A62A246A8A9A28A27A29A30A42A45A47A48A31A3211A12A14A13A246A8A9A3A49A50A9A51A31A32A33A35A252A53A55A34A2513A71A246A8A9A28A27A29A30A47A48A31A32A42A45A252A56A57A34A2515A12A245A13A246A47A48A31A32A32A64A58A4A4315A12A14A13A246A29A30A60A20A61A6316A12A26A13A246A31A32A65A66A6717A12A40A13A246A82A68A54A69A7019A86A246A87A72A73A7419A12A245A13A246A72A88A47A48A31A32A32A64A58A4A92A93A75A47A76A34A77A78A7920A12A14A13A246A99A80A47A48A33A35A59A89A81A83A84A85A90A91A94A95A96A97A98A100A101A102A103A104A105211A106A107A108A109A110A104A105A95A89A81A111A112A113A114A115A116A95A117A118A119A120A109A121A110A122212A106A123A124A125A103A126A101A127A128A91A94A95A89A81A129A130A101A83A84A131A85A90A91A9421A132A133A134A106A105A89A129A130A101A135A136A114A137A138A139221A106A140A141A142A143A98A100A144A145A138A139232A106A89A81A146A145A138A139A147A129A141A101A148A138A91A9424A149A106A150A10424A151A15225A153A154A155A15625A157A158A153A15434A159A16037XXXA161A162A163A164A165A166A167A168A169A170A171A172A173A174A175A176A167A177A178A179A180A181A182A183A184A185A186A187A1887G980、研究G13984景、G11458的G2462G5859G1053（G980）、研究G13984景G16211方G15713资结G7512理论中以G7769G13834G7043G1038G1207G15932的G256G2840G20147G257理论G16760G1038G29企业G15713资的G20046G5219G5224G16825是G1881G9316G15713资G1260G1122G3818G9316G15713资，G3818G9316G15713资中G1550G7447G15713资G1260G1122G13941G7447G15713资，G990G5078G1856G2508G1571G3921G1881G9316G15713资，在企业G1881G9316G15713资不G17287的G5785G1929下，G990G5078G1856G2508G20330G17885的是G1550G7447G15713资。但是G1186G6117G3281的G5785G1929来看，G990G5078G1856G2508G15713资G15904G1038中存在许多不合理的G10628G16949。2006年，随G11540G6117G3281G990G5078G1856G2508的G13941G7447G2010置改革进入尾声，G6117G3281的G13941G12092G5078场发生G1114巨大变G2282，G6117G3281G990G5078G1856G2508的G15713资环G3671G1075发生G1114很大变G2282，2007年中G3281G13941G5078发展极其红火，创造G1114不少G256新的高度G257，G990G5078G1856G2508无G980不利用G13941G7447G15713资作G1038筹集资金的来G9316，G17837与G2840G20147理论相悖。G6117G3281资本G5078场发展的不平衡，G990G5078G1856G2508的G15713资G15904G1038存在不成熟、不规范的地方，必然导致社G1262资G9316G19602以得到最G1260配置。资本G5078场发展的初衷，不仅是G1038企业的发展提供G15713资渠道，更是G1038G1114建立G10628G1207企业制度，建立有效的自G6117约束机制和激励机制，完善G1856G2508治理结G7512，G4466G10628重大决策的科学G2282、民主G2282和有效的监督机制，促进企业的自G6117积累G14033力。然G13792，G6117G3281许多学者经过研究发G10628，许多G990G5078G1856G2508只注重G256圈钱G257G13792不注重转换机制，其G15713资结G7512非常不合理，不仅没有提高自身资本积累G14033力，增加G1856G2508的G5078场G1227G1552，G4466G10628G13941东财富最大G2282，G13792且G1186某G12193程度G990说还阻碍G1114自身的健康发展。G1075G4613是说，G3281G1881大多数观G9869G16760G1038，G990G5078G1856G2508过度G1571G3921G13941G7447G15713资，G990G5078G1856G2508把发G15904新G13941和配G13941G12573作G1038筹措资金的最G1260G17885G6333，G17837与G256G2840G20147G257XXXA189A190A191A192A193A194A195A196A197A198A199A200A201A202A203A204A195A205A206A207A208A209A210A211A212A213A214A215A2168理论的基本观G9869是相悖的。经过笔者的研究G16760G1038，G6117G3281G990G5078G1856G2508要不断改进G15713资G15904G1038G1363之与G256G2840G20147G257理论尽G2499G14033的相符。（二）、研究G11458的与G5859G1053本文G16809G3282以G990G5078G1856G2508G15713资结G7512G1038依G6466，来研究G6117G3281G990G5078G1856G2508的G15713资G1571G3921，G5194以G256G2840G20147G257理论G1038依G6466对G6117G3281G10628G15904的G15713资G1571G3921进G15904G256G13428G1571G257，G1038G990G5078G1856G2508获得资金的同时，不断G1260G2282企业的G15713资结G7512，提高企业的自G6117积累G14033力，G4466G10628企业G1227G1552最大G2282和G13941东财富最大G2282提供有G10628G4466G5859G1053的参G13783。G990G5078G1856G2508是G6117G3281企业的精华。发展资本G5078场、G1260G2282资G9316配置、提高企业经济效益，是G6117G3281经济体制改革的政策取G2533。G990G5078G1856G2508G15713资结G7512的G1260G2282G1207G15932G11540G6117G3281企业G15713资方式G17885G6333的方G2533，对非G990G5078G1856G2508G15713资结G7512的G1260G2282有G11540很强的示范作用。因此，研究G990G5078G1856G2508G15713资G1571G3921和G15713资方式的G17885G6333，对G1122规范企业G15713资G15904G1038，改进企业经营管理，提高企业经济效益，G4466G10628企业G1227G1552最大G2282，进G13792提高社G1262经济资G9316的配置效率，有效促进经济增G19283和充G2010G4613业G12573宏观经济G11458标G1867有重大的G10628G4466G5859G1053。二、G256G2840G20147G257理论的基本G1881容年，G7769G13834G7043与麦基里G3839MYERSMALJUFG12G2572G6922G7447衡理论、G1207理理论以G2462G1461号G1268G17894理论的研究成果，提出G1114G256G2840G20147G257理论，G2375G256G1260G5219G15713资理论G257。G7769G13834G7043和麦基里G3839G16760G1038，G1461G5699非对G12228G9316G1122G6523G13941G7447和管理G7447的G2010G12175，在非对G12228G1461G5699G7477G1226下，经理人G2604作G1038G1881G18108人G8616G5078场G6122G6249资者G11G3818G18108XXXA217A218A219A220A221A222A223A224A225A226A227A228A229A230A231A232A223A233A234A235A236A237A238A239A240A241A242A243A2449人G12更G1114G16311企业G6922益和G6249资的G11507G4466G5785G1929。G3818G18108人只G14033G7693G6466G1881G18108人G1268G17894是G1461号来重新G16792G1227自G5061的G6249资决策。企业资本结G7512、G15713资决策G6122G13941利政策都是G1881G18108人G1268G17894G1461号的G6175G8585。G1563设企业G10628有G980个新的高G11420利G5627G6249资G20045G11458，且G16825G20045G11458G980G7098G1196G16844G4466G7057，G980G4462G14033G1363企业G1227G1552G990G2331。G5415存在非对G12228G1461G5699时，G6249资者对G17837个G20045G11458的G11420利G14033力缺G1059G17287G3827的G16760G16794。此时，企业G14521G17885G6333发G15904新G13941筹集资金，G5460G5460G1262G15999G5078场G16835G16760G1038其资金G2620转G3845G9801。因此，其G1856G2508G13941G12092G1227G7696G4570下G17312，G13792不是G990G2331。所以，企业最G1038G12295G3961的G15713资G17885G6333G5078以G1457G11053G11420G1325进G15904G1881G18108G15713资。G17837G7691不仅G2499以G18003G1825G3818G18108G15713资造成的企业G1227G1552下G17312，G13792且G2499以确G1457G2419有G13941东的利益。在企业G1457G11053G11420G1325不G17287以G9397G17287G20045G11458G6249资的资金G19668要的G5785G1929下，企业G3818G18108G15713资的最G1260G17885G6333G5224G16825是G1550务G15713资。因此，利用G1550务G15713资，G980G7098G20045G11458G4466G10628G11420利，G1550G7447人得到的只是G3278G4462利G5699，得到大G3848的G1185然是G2419G13941东。G1889者，G1550务G15713资以企业资G1147G1038G6281G6288，G17902常对企业G1227G1552的G5445G2721G17751G4579。因此，G256G2840G20147理论G257G16760G1038G29（1）企业G1571G3921G1881G18108G15713资，因G1038筹集G17837G1135资金不G1262G1268G17877G2499G14033G19489G1314G13941G12092G1227G7696的G17882G2533G1461号G30（2）G4590G14521资本G6249资G19668要G3818G18108G15713资G15企业G4570G20330G1820发G15904最G4445全的G16789G2060G15G3926果G1881G18108G1147生的G10628金G8981G18339G17241过资本G6249资G15G2109G1325G18108G2010G1820用G1122G1619还G1550务G13792不是用G1122G3250G17153G13941G12092G2462G17876G13941。随G11540对G3818G15713资G19668G8726的增加G15企业G8851G11540G1260G5219G15713资的G20046G5219G5460下G15G1186G4445全G5627的G1550务到G17751有G20130G19517的G1550务G15G6122许还G1262到G2499转换G16789G2060G6122G1260G1820G13941G13941G12092G15最G2530G980G6319G6177G17730到G13941G12092。因G13792G8611G4490企业的G17139G1550G8616率G2465G7156其对G3818G18108G15713资的累积G19668G8726。G17837个G1260G1820G8437G5219的G1147生是因G1038G1550G2060的发G15904更不G2499G14033G15999G6249资者理G16311G1038是G980G12193G3363G20056G1818。G1075G4613是说，企业G980G14336G18331取的G15713资G20046G5219是G29G1881G18108G15713资、G1550务G15713资、发G15904G13941G12092。归究其G2419因G256G2840G20147G257理论的G1563设前提是G1461G5699不对G12228，G13792在G16211XXXA217A218A219A220A221A222A223A224A225A226A227A228A229A230A231A232A223A233A234A235A236A237A238A239A240A241A242A243A24410方资本G5078场G990，G19556G15267G1856G2508的财务G1461G5699造成的G1461G5699不对G12228G2499以G13485G1856G2508G5114来更大的G6922益，所以G256G2840G20147G257理论在G16211方G3281G4490G14033起到指导作用。G989、G256G2840G20147G257理论在G6117G3281G5224用的必要G5627和G2499G15904G5627G2010G7524G2840G20147理论在G6117G3281G5224用的必要G5627G2010G7524G1461G5699经济学G16760G1038G2356有G1461G5699的人在交G7143中获得G1260G2195，要获得G17837G1135G1461G5699是必G20047G1196出成本的。G1375G39262006年在中G4579企业G7507G3371G990G5078的G1972G4490G1856G2508,在G13941G12092发G15904前G17842G13505数年不G2010红,以此来“G15406增“G1940资G1147,G5194G6272高发G15904G1227多圈钱,但在G13941G12092发完G2530G2376大G13914G2533G13781G13941东进G15904G10628金G2010红。G1563G4462G17837G1135G1856G2508在G13941G12092发G15904前G4613进G15904G10628金G2010红,G2029G5859G2631G11540其G1940资G1147G1262下G19489,G4439G1216G14033G2227集到G10628在规模的资金G2539G7186然是不G15904的。所以G6249资者要获得G990G5078G1856G2508的G1461G5699必G20047G1196出成本，在交G7143中G1457G6357G1461G5699不对G12228G14033G13485G990G5078G1856G2508G5114来G3921G3800。G2840G20147理论在G6117G3281G5224用的G2499G15904G5627G2010G7524（）G990G5078G1856G2508的筹资G19668G8726。G990G5078G1856G2508G1038G1114G1186G16789G2060G5078场的G16789G2060发G15904和配G13941G15713资中G17902过制订G17751高的发G15904G1227G7696和配G13941G1227G7696，以筹集到更多的资金，不惜G18331用各G12193方法，利用G1461G5699杠杆，G9397G17287筹资G19668G8726。（）G990G5078G1856G2508的利益驱动。G990G5078G1856G2508出G1122自身利益驱G1363和冲动，利用G11458前G16789G2060G5078场监管不严，G1262计准G2029不完善，G16789G2060中介机G7512G1186业人G2604素质G17751差，G17837G1135方面的漏洞G1038G6117G3281G990G5078G1856G2508造成G1461G5699不对G12228创造G7477G1226，G990G5078G1856G2508不仅赚取生G1147利润，更利用其G1461G5699G1260G2195牟取G16789G2060差G1227G6922益。XXXA245A246A247A248A249A250A251A252A253A254A255A12A13A0A1A2A251A3A4A5A6A7A8A9A10A11A14A15A1611四、G6117G3281G990G5078G1856G2508G15713资结G7512的G10628状（G980）、G6117G3281G990G5078G1856G2508G15713资结G7512的G10628状1、资G1147G17139G1550率G1571G1314，G17139G1550结G7512不合理G15932G990G5078G1856G2508的资G1147G17139G1550率单位年份200G22200420052006G17139G1550G8616率5265G225509648G8981动G8616率G2290402G2292418A23A17A18A19A63A20A21A22A154A87A24A106A25A26A127A108A54A87A24A27A28A29A30A109A31A127G17139G1550经营是G10628G1207企业的基本特征之G980，其基本G2419理G4613是G1457G16789G1856G2508财务G4445全的前提下充G2010发挥财务杆杠的作用，增大G256税盾效G5224G257，谋G8726G13941东G6922益最大G2282。然G13792，G7693G6466G15932G6117G3281G990G5078G1856G2508的财务数G6466，G6117G3281G990G5078G1856G2508的G17139G1550结G7512不合理，G8981动G17139G1550水平G1571高，各年的G8981动G17139G1550G8616率G2465G7156G1856G2508的G1940G10628金G8981G18339不G17287，G1856G2508要G1363用过多