我国上市公司融资顺序研究.doc

摘要: 我国上市公司有多种融资方式，其中包括内部融资、债券行融资和股权性融资。我国上市公司的融资顺序偏好以股权性融资为先的次序。而根据国内外多位专家大量实际数据证明企业的融资顺序应为: 内部融资、债务融资、股权融资。形成我国上市公司融资顺序的原因有股权融资成本偏低、公司治理结构不完善以及证券市场监管不够完善等，使得公司资本结构畸形，资产负债率普遍偏低和负债结构不合理等。因此，针对这些问题加快发展债券市场、上市公司应加快股权结构调整，降低国有股比例、强化上市公司治理机制、政府相关部门应加强对股票市场的监管，规范股权融资行为等。

关键词: 上市公司；融资；顺序

Abstract:China's listed companies have a variety of financing, including debt financing and equity lines of financing. The financing of listed companies in order of preference for equity financing for the first order. According to many experts at home and abroad and a large number of actual data show that the business of financing the order should be: internal financing, debt financing, equity financing. The order of the formation of the financing of listed companies in China due to a relatively low cost of equity financing, corporate governance and securities market regulation is not perfect imperfect, etc., making the company's capital structure, deformities, asset-liability ratio is generally low and the debt structure is not reasonable. Therefore, for these issues to accelerate the development of bond markets, equity structure of listed companies should speed up the adjustment and reduce the proportion of state-owned shares, and strengthen corporate governance mechanisms, relevant government departments should strengthen supervision on the stock market, standardize the behavior of equity financing.

Key Words：Listed companies;Financing;Order 

我国上市公司的融资顺序偏好以股权融资为先的顺序，这与国内外多位专家和大量实际数据证明企业的融资顺序应为:内部融资、债务融资、股权融资的理论相违背。[  张敏.我国上市公司融资偏好影响因素及对策分析[J].科协论坛.2008]我国上市公司在进行融资筹划时必须对融资的各种方式了解并掌握，针对自身发展制定适合公司发展的融资顺序。[ 冯梅,罗华伟、徐强.上市公司股权融资偏好探讨[J].财会通讯，2009-03.  ]我国的上市公司在进行融资筹划时，必须要以内部融资为主，外部融资为辅的中心进行融资顺序的安排，借鉴国内外大量上市公司的实际经验才能构造更好的公司融资结构，使得上市公司的财政运行更加健康。