发行公司债优于股票增发融资结构是指股权资本与债券资本之间的比例关系,通常用负债比率(或资产负债率)指标表示。目前,我国国有公司的融资结构表现为两种极端:弹性过度的高负债水平融资结构和弹性不足的高权益融资结构。而国有上市公司一般更偏好股权融资,这主要是因为我国股权融资的实际成本低于债务融资成 The issuance of corporate bonds outperforms the issuance of new shares The financing structure refers to the proportional relationship between equity capital and bond capital, which is usually expressed as a debt ratio (or gearing ratio) indicator. At present, the financing structure of China’s state-owned companies shows two extremes: over-elastic high-debt financing structure and under-elastic high-interest financing structure. The state-owned listed companies generally prefer equity financing, mainly because the actual cost of equity financing in China is lower than the debt financing into