我国上市公司股权融资偏好及其成因

与现代融资结构理论及西方发达国家的融资实践相比，我国上市公司存在强烈的股权融资偏好。产生这种现象的原因是多方面的：股权融资成本偏低是直接原因，上市公司治理机制扭曲是根本原因，资本市场不完善也是一个重要原因。

The Present Condition and Cause of Chinese Listed Company''''s Preference for Equity Financing

By comparison with the theory of modern financial structure and the financial practice of west developed countries, there is a phenomenon of fervent preference for equity financing in Chinese listed companies. It results from many factors, among which lower cost of equity financing is a direct cause, distorting of corporation governance of listed companies is a fundamental cause and imperfect capital market is also a important cause.