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上市公司通过资本市场进行融资是实现其快速扩张的必然选择。目前我国上市公司明显偏向于股权融资,这与传统的融资顺序偏好理论相悖。导致我国上市公司偏好股权融资的原因有:一是股权融资成本低、风险小;二是我国上市公司资本结构和治理结构存在严重的缺陷,“国有股”一股独大,产权主体缺位,实际上由代理人控制公司;三是目前我国资本市场发展不平衡,股票市场占相当大的比重,债券市场规模较小。
Listed companies through the capital market financing is to achieve its inevitable choice for rapid expansion. At present, the listed companies in our country obviously tend to equity financing, which is contrary to the traditional preference theory of financing order. The reasons leading to listed companies prefer equity financing are as follows: one is the low cost of equity financing and the low risk; the other is the serious defect of the capital structure and governance structure of listed companies in our country. In fact, the agent controls the company. Third, at present, the development of China’s capital market is unbalanced, the stock market accounts for a large proportion, and the bond market is relatively small.