我国上市公司融资顺序分析

The Analysis of the Order of Financing for the Listed Compenies in China

西方规范资本市场条件下企业的融资顺序是先内部融资后债务融资与股权融资。我国国有上市公司的融资顺序首先是股权融资 ,然后才是债务融资 ,这是由股票的供给和需求两方面的原因决定的。因此 ,解决办法是要进行产权改革 。

This paper fivst analyzes the financing order of the western mature capital market, which usually comes internal financing and debit financing and then equity financing. It points out the financing order of listed companies in China: equity financing and debit financing affected by the supply and demand of stock. This can be solved by having a reform of property right, making nation's share exit from the stock market.