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我国上市公司中存在显著股权融资偏好,有悖于“优序融资理论”。主要原因是我国市场机制不健全导致的股权融资成本低以及我国存在较严重的内部人控制问题。而这一非常规的融资偏好,又会进一步地导致我国资本使用效率低下,影响投资者的利益与长期投资积极性,以及加剧我国内部人控制问题,形成恶性循环。相应的应对措施可以从发展债券市场、健全内部约束机制以及健全股票市场机制等着手。
There is a significant preference for equity financing in China’s listed companies, contrary to “Optimal Financing Theory ”. The main reason is the low equity financing cost caused by the imperfect market mechanism in our country and the more serious internal control problem in our country. This unconventional financing preference will further lead to the inefficient use of capital in our country, affect the interests of investors and long-term investment enthusiasm, and exacerbate the problem of internal control in our country, creating a vicious cycle. Corresponding countermeasures can start from developing the bond market, improving the internal restraint mechanism and improving the stock market mechanism.