【摘要】 从十多年证券市场的发展历程来看,股权筹资处于主导地位,而债权筹资不足。近几年衍生金融工具筹资有了一些新的发展,如可转债、权证、资产支持证券等,为上市公司筹资提供了更多可供选择的筹资渠道体系。2000年以后股权筹资金额逐年下降,债权筹资逐年上升,资本结构逐步趋于合理。全流通后,上市公司的筹资市场环境将发生巨大的变化,企业的筹资成本与风险也会发生很大的变化,股权筹资稀释控制权的后果将会显现出来,负债筹资的优势也会更加明显。上市公司应充分利用不同筹资工具的优势和特色,降低企业的资金成本和筹资风险,优化资本结构。更多还原

【Abstract】 Over more than a decade of stock market, financing of stock equity has overwhelmed that of creditors’ rights. Recently, more financing activities are available for listed companies such as convertible bond, warrant, Asset-Backed Security, and etc. Capital structure has changed since 2000 as financing sum of stock equity declines annually while financing of creditor’s rights increases. Financing of stock equity will diminish monopoly and financing of creditors’ rights will take advantage of the capital change. Listed company is supposed to make best use of different financing measures so as to maximize the capital structure.更多还原