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研究意义我国上市公司的融资行为与现代融资理论有明显的偏离,从融资结构来看,西方国家近40年的内部融资比例高达50%以上,外部融资比例为40%左右;而在外源融资中,来自金融市场的股权融资仅占融资总额的10%,而来自金融机构的债务融资则占30%以上。我国上市公司的内源融资比例在20%以下,外融资中的股权融资比例高达50%以上。虽然最近几年上市公司外源融资比例有所下降,但仍维持在50%,远高于西方发达国家。学者对我国上市公司资产负债结构数据进行统计,表明我国上市公司在融资方式选择上,存在
Research Significance There is a clear deviation between the financing behavior of our listed companies and the modern financing theory. From the perspective of the financing structure, the proportion of internal financing in the past 40 years in Western countries is as high as 50% or more, and the ratio of external financing is about 40%. In foreign financing Equity financing from financial markets accounted for only 10% of total financing, while debt financing from financial institutions accounted for more than 30%. The proportion of internal financing of listed companies in China is less than 20% and the proportion of equity financing in external financing is as high as 50%. Although listed companies in recent years, the proportion of external financing declined, but remained at 50%, much higher than the western developed countries. Scholars on the data of the assets and liabilities of listed companies in China statistics show that China’s listed companies in the financing options, there