我国上市公司逆向融资行为探析

Probing into China listed company reverse financing behavior

与发达资本市场国家上市公司的"内源融资优先,债务融资其次,股权融资最后"的融资次序正好相反,我国上市公司优先选择股权融资,其次是债务融资,最后才是内源融资。本文在对我国上市公司逆向融资行为的成因进行分析的基础上,提出我国上市公司逆向融资行为理性化回归的若干政策建议。

Reverse to order of financing of listed co mpanies in the countries with developed capital markets,that is,＂the priority of inner sources of financing,followed by debt financing,equity financing last＂,in China listed companies prefer to equity financing followed by debt financing and finally endogenous financing.In this paper,on the basis of analyzing the causes of reverse financing behavior of listed companies in China,we proposed policy recommendations to make financing behavior of listed companies rationalized.