我国上市公司为何偏好股权融资

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1984年,美国著名财务学家梅耶斯(S·Myers)提出了融资的"啄食"顺序理论,即融资结构是在公司为了新项目而筹资的情况下形成的,融资先通过内部资金(利润留存和固定资产折旧)进行,然后再通过低风险的债券,最后采用股票.在债务融资的同时,应考虑留有适当的借债余地,以备发展机会来临或市场出现不测时使用.实际上,在发达国家中,留存利润是公司资金的主要来源,银行贷款大都是外部融资的主要来源,几乎所有发达国家都不会大幅度地提高从股票市场获取的融资数额.
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