【摘要】 上市公司股权融资成本低于债权融资成本、债券市场发展滞后、股权结构不合理以及市场中没有成熟市场中的"投资理念"等原因,导致上市公司产生融资的非理性。从资本结构理论入手分析了上市公司融资行为的非理性,并得出结论,即我国上市公司融资行为中表现出的看似"非理性"做法,事实上是我国上市公司在既定的制度下和市场环境中,对各种因素进行综合权衡后做出的"理性"的选择。更多还原

【Abstract】 The unreasonable financing practices of listed companies are caused mainly by the followings, i.e., the financing cost of stock right is lower than that of claim, the development of bond market lags behind, the stock right structure is unreasonable and there is no appropriate "investment idea" as that on a ripe market. The unreasonable financing practices are analysed on the basis of the theory of capital structure, and a conclusion is drawn that the so-called unreasonable financing practices of listed companies in China are in fact a reasonable choice. Those companies have to decide in existing market circumstances and systems as a result of taking various factors into delibration.更多还原