与发达资本市场国家上市公司的“内源融资优先,债务融资其次,股权融资最后”的融资次序正好相反,我国上市公司优先选择股权融资,其次是债务融资,最后才是内源融资。本文在对我国上市公司逆向融资行为的成因进行分析的基础上,提出我国上市公司逆向融资行为理性化回归的若干政策建议。 In contrast with the financing order of “domestic financing priority, debt financing second, equity financing last” of listed companies in developed capital markets, listed companies in our country give priority to equity financing, secondly debt financing, and finally internal financing. Based on the analysis of the causes of the reverse financing behavior of the listed companies in our country, this paper puts forward some policy suggestions on the rational regression of the reverse financing behavior of the listed companies in our country.