术语“公司股本”的详细信息

英译术语:

equity

汉语语境:

基于对中国上市公司股本融资偏好问题的重新审视，研究人员发现：如果将短期债务考虑在内并剔除首次公开募股的影响，股本融资偏好就不复存在；在企业债务比率的调整过程中，融资缺口所起的作用超过了传统的企业特征因素，这意味着顺序偏好理论能在一定程度上解释企业的融资行为；股票市场状况和政府管制政策会对企业外部融资的构成产生一定的影响。以上经验证据表明，中国上市公司的融资行为并不像原先所想的那样独特，主流的资本结构理论对企业的债务政策具有相当的解释能力。

英语语境:

Researchers re-examine the equity financing preference of Chinese listed companies, which leads to the following findings: first, if we take short-term debt into consideration and eliminate the IPO (Initial Public Offerings) effect, the equity financing preference no longer exists; Second, financial deficits play a more important role than traditional firm characteristics in debt ratio adjustment process which implies that to some extent, the pecking order theory can account for corporate financing behaviors. Third, equity market conditions and government regulatory policies have some effect on the composition of firm external finance. Overall, the evidence suggests that the financing behaviors of Chinese companies aren't as special as we previously thought, and the mainstream theories of capital structure have substantial explanatory power for firm's debt policy.