企业的内部资金主要是指留存收益,外部资金来源于两条途径:债务融资和股权融资。债务融资是指通过借债的方式筹集资金,资金的提供者成为企业的债权人;股权融资是指通过发行权益凭证的方式筹集资金,凭证的购买者成为企业的股东。债务融资额与股权融资额之间的比例构成了一个企业的资本结构。当企业需要从外部筹集资金时,往往在这两种方式之间权衡利弊,采用能使企业价值最大化的方式。一、我国企业偏好股权融资的现状在金融市场较为发达和完善的地方,企 The internal funds of an enterprise mainly refer to the retained earnings. The external funds come from two sources: debt financing and equity financing. Debt financing refers to raising funds through borrowing, and the provider of funds becomes the creditor of the enterprise. Equity financing refers to raising funds through the issuance of equity vouchers, and the purchaser of the vouchers becomes the shareholder of the enterprise. The ratio between debt financing and equity financing constitutes the capital structure of an enterprise. When companies need to raise money from outside, they often weigh the pros and cons of the two approaches and adopt a way that maximizes the value of the business. First, the status quo of Chinese enterprises preferred equity financing In the more developed and improved financial markets where the market