我国上市公司债务资本结构研究

On the Debt and Capital Structure of China's Listing Companies

与传统的企业融资理论及西方发达市场经济国家的融资实践相比，我国上市公司的融资行为是反常的，由此形成的债务资本结构也是扭曲的。其形成原因与我国现有的融资机制、上市公司股权结构以及资本市场的投资者质量有关，上述债务资本结构造成企业资金严重浪费和内部治理结构弱化等不良影响。因此，优化上市公司债务资本结构的主要途径是增加债务融资，强化企业内部治理；允许国有股和法人股上市流通，完善资本市场功能；提高投资者质量等等。

Compared with the traditional financing theory and the practice of finance in the westen developed marketing economy countries,the financing behaviour of our listing companies are abnormal and the debt and capital structures formed from this are twisting.The cause that attributes to these is related to our present financing mechanism,the equity structures of listing companies and the quality of the investor in the capital market.This kind of financing structure has brought about a series of pour effects such as wasting of capital and weaking of internal governance structure.So principle ways to optimize listing companies'debt and capital structure are increasing the proportion of debt finance so as to strenghthen internal governance;allowing state equties and legal person equities to come into circulation and improving the quality of investor etc.