我国上市公司股权融资方式解析

An Analysis of the Equity Financing Methods of China's Listed Companies

我国上市公司融资方式存在明显的股权融资偏好,这种融资方式不利于企业资本结构的健康发展。应用企业优序融资理论,从企业和市场两个角度对不同融资方式进行了效应比较,提出了调整上市公司股权结构,提高配股或增发的门槛,抑制我国上市公司过度股权融资的建议。

There exists an obvious preference to the equity financing in the financing methods of listed companies in China, which is disadvantageous to the healthy development of enterprise capital structure. Applying the pecking order theory, this paper compares the effects of different financing methods from the aspects of enterprise and market, and puts forward the following suggestions; adjusting the ownership structure of the listed companiess elevating the threshold of rational shares and increasing issues; stifling the excessive eauity financing of listed companies.