我国上市公司融资偏好分析

融资偏好直接影响企业的融资行为，并与资本结构和公司治理等因素相互影响，进而影响公司价值。融资优序理论认为企业通常都遵循所谓的啄食顺序，即先内源融资，再外源融资，在外源融资中优先考虑债权融资，不足时再考虑股权融资。国外的许多实例也基本证实了这一理论。然而在融资行为方面，中国上市公司具有与国外上市公司截然不同的融资偏好特征，表现出强烈的股权融资偏好。本文对中国上市公司融资偏好的特征、影响因素、形成机理、融资效应进行全面和系统的分析，并剖析中国上市公司的融资行为，在此基础上提出对中国上市公司融资偏好的治理措施，为进一步规范上市公司融资行为提供重要的政策依据。

Analysis on Financing Preference of Listed Companies of China

Financing preference of a firm not only affects its financing decision but also influences its capital structure,corporate governance and valuation.Pecking-order hypothesis assumes a financial hierarchy descending from internal funds,to external debt,and last to external equity.Most empirical tests in foreign markets basically verified the model.However,there is different financing preference between Chinese firms and western ones.Chinese listed firms show strong preference for stokholder's rights financing...