优序融资理论认为,企业应该遵循内源融资、债务融资、权益融资的先后顺序进行融资以达到最优,但这一被西方发达国家普遍验证的理论在中国却达到了相反的效应,我国上市公司普遍偏好于优先采用股票进行融资,即所谓股权偏好现象。本文对这一现象进行了简单分析并且提出政府应该采取措施改善股权偏好现象。 Optimal financing theory holds that enterprises should follow the order of internal financing, debt financing and equity financing to achieve the best financing. However, this theory, which has been widely validated in western developed countries, has achieved the opposite effect in China and is listed in China Companies generally prefer to prioritize the use of stocks for financing, the so-called equity preference. This article gives a brief analysis of this phenomenon and suggests that the government should take steps to improve the ownership preference.