资本结构选择的国际比较——基于“优序融资理论”的研究

International Comparison on the Choices of Capital Structure——A Research Based on the Pecking Order Theory

现代融资理论的“融资定律”在西方发达国家得到了普遍验证。而在我国,上市公司整体性背离优序融资理论,表现出强烈的股权融资偏好。这一现象在实践中对公司融资后的资本使用效率、公司成长和公司治理、投资者利益等方面都是不利的。文章通过国际比较来分析我国上市公司融资现状及其体制渊源,并提出对策建议。

＂The financing law＂ in modern financing theory has been confirmed in the western developed countries. However, most companies in China depart from the pecking order theory, while prefer to choose share certificates to gather capital. This is detrimental to the companies in aspects of the capital use efficiency, the company＇s growth and administration as well as the investors＇ benefits. This article analyzes the systematical causes and disadvantages of companies＇ present situation of finance by the way of international comparison, and then puts forward the countermeasures and proposals.