本文选用沪深两市2006.1-2009.9发布融资公告的上市公司为研究对象,对投资者异质信念与公司融资工具选择的关系进行探讨。研究结果发现,当公司融资工具为股权或直接债券时,投资者异质信念越大,公司越倾向于股权融资。同时还发现,中国市场股权和直接债券融资公告发布前的投资者异质信念差异性显著高于美国市场,这可以由我国市场的投资者结构和卖空机制来解释。 This article chooses the listed companies which issued the announcement of financing in Shanghai and Shenzhen from January 2006 to September 2009 as the research object, and discusses the relationship between investors’ different beliefs and the selection of financing tools. The study found that when the company financing instruments are equity or direct bonds, the greater the heterogeneous belief of investors, the more the company tends to equity financing. At the same time, it was also found that the differences in the heterogeneity of investors before the announcement of the equity market and direct bond financing in China were significantly higher than those in the U.S. market, which can be explained by the investor structure and short selling mechanism in China’s market.