我国上市公司融资的结构分析与对策

Analysis and Countermeasures of the Capital Structure of Listed Company in China

现代资本结构理论揭示了企业的最优融资顺序为:内部融资—债权融资—股权融资。而我国的上市公司却表现出典型的股权融资偏好,与西方现代企业在融资偏好上存在着明显的差异。本文在我国上市公司与西方现代企业在融资偏好比较的基础上,分析这种股权性融资偏好所带来的不良影响,最后提出相应的对策。

The theory of modern capital structure reveals that the best sequence of corporate finance should be inside finance, credit finance and equity finance. However, Chinese listed companies have shown their preference of equity finance. The thesis compares the finance preference of Chinese company and western modern enterprise, and analyzes the negative affect which the equity finance preference brings out. Finally, the thesis provides some relative countermeasures.