国有企业融资次序的政治经济学分析

与经典资本结构理论的结论不同，我国国有企业的融资次序恰好是倒序的。这一现象有着深刻的政治经济学内涵，本质上它是由国家追求义理性的最大化，缓解财政压力的行为所内生决定的。因此，单纯从西方主流理论出发，不考虑我国转轨经济的背景对国有企业融资行为和由此而引致的治理结构所进行的分析，是不得要领的。

A Political Economics Analysis of SOE's Financing Order

Different from the classical theory of capital structure, the financing order of SOE's in China is just inverted. This phenomenon is of profound connotation of political economics, which, in essence, has been determined by the mitigation of the financial pressure to pursue the maximization of our country's reasons and good sense. And as such, it is a failed analysis on the governance structure if only starting out from the western mainstream theory and not considering our SOE's financing activities in the background of transitional economy.