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自1990年和1991上海交易所和深圳交易所成立以来,我国的证券市场得到了很快的发展,企业融资逐渐开始从单一的银行贷款转向了多元化的融资渠道,然后在中国证券市场发展的20年左右的时间里,发行股票成为了上市公司融资的最主要手段。这与西方上市公司的融资顺序截然相反,究其原因,我们可以发现在中国股票市场上进行股权融资的资本成本是非常低的,有些时候甚至要低于银行的存款利率。
Since the establishment of the Shanghai Stock Exchange and the Shenzhen Stock Exchange in 1990 and 1991, the stock market in our country has developed rapidly. The corporate finance has gradually shifted from a single bank loan to a diversified financing channel, and then developed in the Chinese stock market In 20 years or so, the issue of shares has become the most important means of financing of listed companies. This is in contrast to the order of financing of western listed companies. The reason for this is that we can find that the capital cost of equity financing in the Chinese stock market is very low and sometimes even lower than the bank’s deposit interest rate.