融资是企业财务活动的重要组成部分，公司的项目能否顺利完成、企业的长远发 展以及资本市场的健康发展都会受到公司融资方式的影响。唐山市的上市国有控股企 业有五家，分别是三友化工、开滦股份、唐钢股份、冀东水泥和唐山港。这五家企业 在唐山的GDP中发挥着重要的作用，是唐山经济发展的命脉，员工总人数近十四万 人，为唐山的社会稳定做出突出贡献。本文立足唐山市的五家上市国有控股企业，分 析其融资偏好，希望得到具有现实指导意义的融资经验。 在描述五家上市国有控股企业融资偏好现状之前,文章对企业融资活动的研究背 景、目的和研究意义进行描述，阐述了国内外对于融资的研究现状之后，对本文的研 究方法和研究框架进行了描述。紧接着阐述了融资的相关理论，主要对融资相关的早 期理论和现代理论做了系统阐述。包括融资的概念和融资偏好，并定义了本文中所要 研究的三类融资偏好，即：债权融资与股权融资，长期融资与短期融资、金融性负债 融资和经营性负债融资。然后是对唐山市五家上市国有控股企业（三友化工、开滦股 份、唐钢股份、冀东水泥、唐山港）进行了简单的介绍，从股权融资和债权融资、长 期融资和短期融资以及金融性负债融资和经营性负债融资三个角度分析了这五家企 业存在的不同特点及问题；并分析了产生这种现象的原因。最后根据五家企业呈现出 的不同融资偏好提出了适合企业自身的融资策略。 本文旨在运用研究生所学知识，分析唐山市的五家上市国有控股企业融资偏好特 征，在探究其原因的基础上提出更优的更利于长远发展的融资结构，希望能给上市公 司中的国有控股企业的融资活动一点建议。 关键词：融资偏好，债权融资，股权融资，长期融资，短期融资，金融性负债融资， 经营性负债融资 II Abstract Financing is an important part of the financial activities of the company. Whether the company's projects can be successfully completed, the long-term development of the company, and the healthy development of the capital market will be affected by the company's financing methods. There are five listed state-owned holding companies in Tangshan City, namely Sanyou Chemical, Kailuan Shares, Tanggang Shares, Jidong Cement and Tangshan Port. These five companies play an important role in Tangshan's GDP and are the lifeblood of Tangshan's economic development. The total number of employees is nearly 140,000, making outstanding contributions to Tangshan's social stability. Based on the five listed state-owned holding enterprises in Tangshan city, this paper analyzes their financing preferences and hopes to obtain practical experience of financing. Before describing the present situation of financing preference of five listed state-owned holding enterprises, this paper describes the background, purpose and significance of financing activities of enterprises, expounds the research status of financing at home and abroad, and describes the research methods and research framework of this article. Then the related theories of financing are expounded, and the early theories and modern theories of financing are systematically expounded. Including the concept of financing and financing preference, and define the three types of financing preferences to be studied in this article, namely: debt financing and equity financing, long-term financing and short-term financing, financial debt financing and operating debt financing. Then it briefly introduces five listed state-owned holding companies in Tangshan City (Sanyou Chemical, Kailuan Shares, Tanggang Shares, Jidong Cement, and Tangshan Port). This paper analyzes the different characteristics and problems of these five enterprises from the perspectives of equity financing and creditor financing, long-term financing and short-term financing, as well as financial debt financing and operating debt financing. The causes of this phenomenon are analyzed. Finally, according to the different financing preferences presented by the five enterprises, the financing strategies suitable for the enterprises III themselves are put forward. This paper aims at analyzing the characteristics of financing preferences of five listed state-owned holding enterprises in Tangshan city by using the knowledge of graduate students, and proposes a better financing structure that is more conducive to long-term development on the basis of exploring the reasons, hoping to give some suggestions to state-owned holding enterprises in listed companies. Key words: financing preference, debt financing, equity financing, long-term financing, short-term financing, financial liabilities, operating liabilities IV 目 录 第一章 绪论 ...................................................................................................................... - 1 - 1.1 研究的背景、目的和意义 ......................................................................................... - 1 - 1.1.1 研究背景 .......................................................................................................... - 1 - 1.1.2 研究目的 .......................................................................................................... - 2 - 1.1.3 研究意义 .......................................................................................................... - 3 - 1.2 国内外研究现状 ......................................................................................................... - 3 - 1.2.1 国外研究现状 .................................................................................................. - 3 - 1.2.2 国内研究现状 .................................................................................................. - 6 - 1.2.3 相关研究评述与启示 ...................................................................................... - 9 - 1.3 研究内容与方法 ......................................................................................................... - 9 - 1.3.1 研究内容与结构思路 ...................................................................................... - 9 - 1.3.2 研究方法 ........................................................................................................ - 12 - 第二章 融资和融资偏好 ................................................................................................ - 13 - 2.1 融资和融资偏好的概念 ........................................................................................... - 13 - 2.1.1 融资 ................................................................................................................ - 13 - 2.1.2 融资偏好 ........................................................................................................ - 13 - 2.2 融资偏好的分类及特点 ........................................................................................... - 14 - 2.2.1 债权融资及股权融资 .................................................................................... - 14 - 2.2.2 长期融资及短期融资 .................................................................................... - 14 - 2.2.3 金融性负债融资及经营性负债融资 ............................................................ - 16 - 第三章 唐山市五家上市国有控股企业融资偏好及原因分析 .................................... - 17 - 3.1 五家上市国有控股企业简介 ................................................................................... - 17 - 3.1.1 唐山三友化工股份有限公司 ........................................................................ - 17 - 3.1.2 开滦股份有限责任公司 ................................................................................ - 17 - 3.1.3 唐山钢铁股份有限公司 ................................................................................ - 17 - 3.1.4 唐山冀东水泥股份有限公司 ........................................................................ - 18 - 3.1.5 唐山港集团股份有限公司 ............................................................................ - 18 - 3.2 五家上市国有控股企业融资偏好分析 ................................................................... - 19 - V 3.2.1 从债权融资和股权融资角度分析 ................................................................ - 19 - 3.2.2 从长期融资和短期融资角度分析 ................................................................ - 20 - 3.2.3 从金融性负债融资和经营性负债融资角度分析 ........................................ - 21 - 3.3 五