企业资本结构与融资方式偏好

企业资本结构指企业取得的各项长期资金来源的组合和相互关系 ,我国企业的资本结构呈现出重股轻债的倾向 ,特别是上市公司的融资方式严重偏好股权融资。影响我国上市公司选择融资方式的因素有 :资金成本、企业规模、破产成本、代理成本和信息不对称的成本 ,综合权衡上述成本可以得出上市企业融资方式的偏好顺序 ,进而剖析了造成我国企业融资偏好的原因。

The capital structure refers to the origins of all kinds of long-term capital and their relations.The capital structrue of Chinese corporations reveals the inclination to equity capital financing,especially that the financing manners of public companies severely prefer the equity capial.The factors that influence the choosing of financing manners by Chinese corporations are:capital costs,asset dimensions,bankruptcy costs,agency costs and the costs caused by asymmetry of information.Generally weighing the costs stated above leads to the preference order on financing manners of public companies,furthermore the reasons arousing the financing preference of Chinese corporations.