股权与债券融资的偏好分析

Preference for Equity-and Debt Finance

资本环境影响着一国的经济发展,我国股票市场近两年的发展暴露了很多我们资本市场的问题,解决这样的问题不仅是监管层的问题,更重要的是企业以及制度本身的问题,本文通过对股权融资与债券融资的分析与比较,认为融资成本和制度因素导致了股权融资偏好的特点,要拓展更广阔的融资渠道,促进企业股权融资偏好向债券融资偏好的转变进而改变企业的治理结构,从技术上就是降低债券融资成本,从宏观上就是建立完善资本市场。

The environment of capital market influences the development speed of national economics. Although our stock market has disclosed loads of problems about capital market, they caused not only by regulation committee, but by entrepreneurs themselves and system. According to comparison with equity finanee and debt finance, this article believes that the financing cost and system make the equity finance preference. If the entrepreneurs plan to exploit the ways of financing, technically speaking it is to reduce the cost of debt finance; macro speaking it is to establish the perfect and effective capital market.