我国上市公司融资结构存在的问题及改进措施

Problems of Financial Structure in Listed Corporations of China and Improvement Measures

现代融资理论认为企业的最优融资顺序为内部融资—债权融资—股权融资。而我国的上市公司却表现出典型的股权融资偏好,与西方现代企业在融资偏好上存在着明显的差异。在阐述现代融资理论的基础上,分析了我国上市公司融资结构存在的问题及其产生原因,指出了股权性融资偏好所带来的不良影响,最后提出了相应的改进措施。

The modem financing theory has promulgated enterprise＇ s most superior financing order is： internal financing-creditor＇ s rights financing-stockholder＇ s rights financing. But listed corporations in China display the typical preference for stockholder＇ s fights financing, and has the obvious difference with the western modem enterprise in financing. This article based on the elaboration modem financing theory, analyzed the problem of financial structure for listed corporations in China and its teasons, pointed out the bad effects of stockholder＇ s rights financing, finally improvement measures. proposed the corresponding