我国上市公司股权融资偏好的有关问题探索

Quest for the Problem about Listed Firms‘Deflection’to Stock-financing

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 ,上市公司都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、投资者利益以及货币政策的实施等方面都有不利影响 。

The Financing Law in the modern fianacing theory had validated all over the west developed countries,but it's flat reverse in China that the listed firms put up a strong deflection to stock-financing.The phenomena in practice are to the disadvantage of such aspects as the employing efficiency of the firms' capital,the growth and administration of firms,the investor's benefit and the monetary policy's implement,and so on.Therefore,we must standardize and administer it.