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随着我国资本市场的不断发展和完善,企业融资多元化模式正在逐步形成,直接融资的地位也越来越高。我国上市公司在直接融资的选择上,配股和增发新股成为直接融资的主要方式,融资方式明显偏好股权融资方式,这与西方发达国家的融资偏好有着巨大的差异,也与现代企业融资理论相悖。本文正是围绕这些问题展开研究,着重于分析我国上市公司股权融资偏好的成因,分别从外部融资环境因素和公司自身因素两个方面进行了阐释,最后,针对我国上市公司自身的实际情况,提出了改善我国上市公司股权融资偏好的几点切实可行的建议。
With the constant development and improvement of the capital market in our country, the pattern of diversification of corporate finance is gradually taking shape and the status of direct financing is getting higher and higher. In the choice of direct financing, the placement of shares and the issuance of new shares become the main ways of direct financing. The way of financing apparently favors equity financing, which has a huge difference from the financing preferences of the western developed countries, and also runs counter to modern corporate finance theory. This article focuses on these issues, focusing on the analysis of the causes of equity financing preferences of listed companies in China, and from two aspects of the external financing environment factors and the company itself factors. Finally, according to the actual situation of listed companies in our country, Some Suggestions on Improving the Preference of Equity Financing of Listed Companies in China.