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西方现代融资结构理论中的融资定律认为 :企业融资应首选内源融资 ,外源融资应首选举债 ,然后才是发行股票。而分析我国上市公司的相关数据时 ,看到的却是上市公司融资中存在着严重的逆向选择偏好。这种偏好的形成与上市公司融资制度、融资成本以及我国公司债券市场的发展密切相关 ,对上市公司资本的使用效率、公司治理、证券市场资源配置功能以及国家的宏观货币政策的实际效果都产生了不良的影响。只有通过从根本上加强宏观制度建设 ,按照规范的现代企业制度来完善公司治理结构 ,以及大力发展和完善公司债券市场才能矫正这种现象
The financing law in the western modern financing structure theory thinks that: corporate financing should be the first choice of internal financing, external financing should be the first election of debt, and then the issuance of stock. When we analyze the relevant data of listed companies in our country, we see that there are serious adverse selection preferences in the financing of listed companies. The formation of this preference is closely related to the financing system of listed companies, the cost of financing, and the development of the corporate bond market in China. It has resulted in the use of listed company capital efficiency, corporate governance, the allocation of resources in the securities market, and the actual effects of the country’s macro monetary policies. Bad influence. Only by strengthening the macro-system construction fundamentally, improving the corporate governance structure according to the standardized modern enterprise system, and vigorously developing and improving the corporate bond market can correct this phenomenon.