本文基于浙江民企“不愿上市”的现象,考察了“转型成本”和“融资替代”这两个关键性成本因素对浙江省民企上市决策的影响。我们的分析表明,内源式发展的传统民营企业面临高昂的转型成本,而民间金融的活跃增加了浙江省民企上市的机会成本,对企业上市存在明显的替代作用。 This paper, based on the phenomenon of Zhejiang private enterprises “unwilling to list ”, examines the impact of two key cost factors, “transition cost ” and “financing alternative ” on the decision-making of private enterprises in Zhejiang Province. Our analysis shows that the traditional non-state-owned private enterprises (SOEs) are facing a high transition cost, while the active participation of private finance has increased the opportunity cost of listing private enterprises in Zhejiang Province, which has obvious substitution effect on the listing of enterprises.