融资理论在我国上市公司的悖论分析

A Paradox Analysis on Financing Theory

我国上市公司中存在着先股权融资、后债权融资、最后内源性融资这一有悖于西方财务理论与实践的融资顺序。本文从直接动因和根源动因两方面予以剖析,并在公司治理、内部运行机制等方面提出改进建议,以期啄食顺序在我国上市公司中早日实现,使之更好地服务于我国企业的持续发展。

The preferred financing sequence of listed companies in China is stock financing, debt financing and internal financing, which is paradox to the western financing theory and practice. The paper analyzes its reasons and puts forward some feasible measures.