2005年股改之前,股权分置问题一直是困扰我国资本市场发展的基础性问题。在股权分置背景下,我国上市公司再融资普遍呈现出啄序悖论现象,即先外源融资,再内源融资,而在外源融资中,首先选择股权融资,其次才是债权融资。我们不妨以一个上市公司股权融资以及股利政策的实际案例,说明其在股权分置背景下为什么偏好股权融资。 Prior to the share reform in 2005, the non-tradable share issue has always been a basic problem that troubles the development of China’s capital market. Under the split share structure, the refinancing of listed companies in our country generally presents the phenomenon of pecking order paradox, that is, exogenous financing and then internal financing, while in external financing, the first choice is equity financing, and the second is debt financing. We may wish to take a listed company equity financing as well as the actual case of dividend policy, explain its preference for equity financing in the context of equity division.