摘要融资是上市公司生存和发展的前提条件，我国作为新兴市场，上市公司有很强烈的融资欲望，把握一切融资机会，发行债券，IPO，增发以及配股等，且其偏好股权融资。然而上市公司在快速发展的同时对股东回报是不可回避的话题。股东掏钱，投资企业，承担经营风险，分享发展红利，这也是股份制企业的基本逻辑，也是证券市场的致简原理。但是，在我国，这个基本逻辑长期未能很好的体现，上市公司重融资、轻回报，致使中国的证券投资者承担风险有余、享受红利不足。然而股利政策不但关系到股东的现期收益和公司的未来发展，还关系到不同股东群体之间的利益均衡，对股市能否长久健康发展有重要意义。因此，很有必要深入探讨“重融资、轻回报”的原因。本文主要从上市公司的融资和回报有关现象入手，运用定性分析与定量分析相结合，研究总结上市公司融资和回报情况，分析重融资、轻分红的影响因素，得出结论与建议，促进中国股市的健康发展。关键词：上市公司，融资，回报，派现，股权融资偏好AbstractFinancingisaprerequisiteforlistedcompaniestosurviveanddevelop，China，asanemergingmarket,listedcompanieshaveaverystrongdesireoffinancing,theyseizeallthefinancingopportunitiestoIssueofbonds,theIPOandallotment.Whatismore,theypreferredequityfinancing.However,returntoshareholdersisanunavoidabletopicduringtherapiddevelopmentoflistedcompanies..Shareholdersinvesttotheenterpriseandbearthebusinessrisk,，itisthebasiclogicofthejoint-stockenterprisesaswellasthesimpleprincipleofthesecuritiesmarket.However,inourcountry,thebasiclogicoflong-termisnotwellreflected,listedcompaniesonlyfocusonfinancingresultinginChina'ssecuritiesinvestorstotakerisksmorethanandenjoybonus。However,thedividendpolicyisnotonlyrelatedtothecurrentincomeoftheshareholderandthecompany'sfuturedevelopment,butalsorelatedtothebalanceofinterestsbetweenthedifferentshareholdergroups,itisalsoimportantforstockmarket.tokeeplong-termhealthydevelopment.Therefore,itisnecessarytofurtherexplorethereasonof"FinancingPreference".Inthispaper,itstartsfromrelatedphenomenaoflistedcompaniesfinancingandrewardthenusesqualitativeanalysisandquantitativeanalysistostudythefinancingandreturnoflistedcompanies,analysistheinfluencingfactorsof"FinancingPreference"，atlast，Conclusionandrecommendationsareputforwardtopromotethestockmarket'shealthydevelopmentofchina.Keywords:Finance,Reward,Cashdividend,Equityfinancingpreference,Policy目录一、绪论....................................................................................................................................................I（一）研究背景....................................................................................................................................11.研究背景.................................................................................................................................12.研究意义.................................................................................................................................1（二）文献综述................................................................................................................................21.融资理论.................................................................................................................................22.股利政策理论.........................................................................................................................4（三）研究思路...........................................................................................................
