发行股票融资

从目前我国农业上市公司在资本市场融资的情况看，全部通过发行股票融资，没有发行具有较强融资优势的可转债。

Almost all agricultural limited corporations in our country shares the financing and without convertible bonds .

贵州省发行股票融资企业数目少、业分布狭窄，股票发行筹资额小，公司债券融资尚属空白。

Small quantity of financing enterprises issuing stock , narrow spread of industries , and no corporation bond financing are the present situation in Guizhou province .

在美国通过发行股票融资往往会被市场误解，导致股价下跌，因此，美国企业的首选融资方式是内部融资，其次是发行债券，最后的选择才是发行股票。

In American , financing through issuing stock is always misunderstood by capital market , so the chief financing manner is internal financing , the next is issuing bonds , the last is issuing stock .

在首个交易日，阿里巴巴集团通过公开发行的股票融资218亿美元，使得这个1999年成立的集团市值达到2314亿美元。

On its first day of trading , Alibaba raised $ 21.8 billion in its initial public offering , which valued the company , founded in 1999 , at $ 231.4 billion .

在经济全球化的背景下，出于吸收外资和提高企业在海外知名度等目的越来越多的上市公司选择在多个市场发行股票进行融资，于是就出现了一批所谓的双重或者多重上市公司。

In the context of economic globalization , for absorbing foreign capital and increasing overseas awareness , more and more enterprises issue shares in multiple markets , so a group of so-called dual or multiple listed companies appeared .

由于对资金的需求，一大批家族企业通过上市发行股票来达到融资目的。

Because of lack of capital , some of them choose to finance by issuing stock .

这个交易所被纽约-泛欧交易所称为企业家的交易所将为企业通过发行债券和股票融资提供便利。

The exchange – dubbed the Entrepreneurs ' Exchange by NYSE Euronext – will facilitate fundraising through new issues of bonds as well as equity .

然而，公司一旦选择了发行股票，上市融资的方式，其权利就要受到来自投资者知情权的限制。

However , once the company has chosen to issue stock , listed methods of financing , their rights have suffered from investors to know the restrictions .

当前中国资本市场的普遍现象是，缺乏对上市公司治理结构的改善机制，上市公司把发行股票的直接融资方式当作一种圈钱的工具。

The widespread phenomenon of capital market of China is , there is no mechanism to make the Corporate Governance of the listed companies better , and the listed companies makes the share financing a tool of making money .

Donalson（1961）[1]首先观察到了企业可能遵循首先内部融资、其次是债务、再次才是发行股票的次序进行融资，这引发了大量学者对融资次序研究的兴趣。

Donalson ( 1961 ) [ 1 ] first observed that enterprise may obey the rule of firstly inner financing 、 secondly debt and lastly stock in financing , which interests many other researchers .

提高股票发行价格，降低股票融资成本，提高股票融资效率；

Increasing the stock issue price , reducing the stock financing cost , enhancing the stock financingefficiency ;

由于内源融资提供的资金数额有时并不能满足企业资金需求，所以企业必须从外部获取资金，如发行股票或者利用债务融资。

Because the amount financing from internal source sometimes can not meet the corporate needs , the corporate must finance from the external source , such as issuing stock or debt financing .

从筹资者角度而言，通过发行债券来进行融资，比起发行股票进行融资，其综合成本更低。

But in terms of fund - raiser , compared with issuing stocks , the bonds financing , comprehensive costs are lower .

本人以中国国际航空首次公开发行为实例，分析航空公司通过发行股票融资需要解决的一些问题。

This study analyzes some issues an airline company has to handle to raise capital through initial public offering based on the case of Air China .

比如，1999年美国共有1095家上市公司通过发行债券融资，融资额高达107420亿美元，仅199家上市公司发行股票，融资额只有11860亿美元；

For example , there are 1095 enterprises that collect $ 10.742 billion by issuing bond and 199 enterprises that collect $ 1.186 billion by issuing stock in American security market in 1999 ;