【正文】 panies which have low level of profitability will get lower level of EPS by use of debt fund because debt fund can not produce enough profit for shareholder to fulfill the demand of paying off the interests. Edison International Company has steady amount of customers and many intangible assets, these supply it with high level of profitability and ability to gain debt fund, its debt account to % proportions of its total assets in 1999. Listed panies in developed countries or regions always have high level of profitability. Take US for example, there are many listed panies which have excellent performance in American capital market when do business, such as Morgan, its EPS is $ per share in 1999. Besides it, GM, GE, Coca Cola, IBM, Intel, Microsoft, Dell etc. all always are profitable. In Hong Kong, most of those panies whose stock included in Hang Sang Index have the level of EPS more than 1 HKD, many are more than 2 HKD. Such as Cheung Kong (Holdings) Limited, its EPS is HKD. But listed panies do not have such excellent performance in profitability in China inland. Their profitability is mon low. Take the performance of 2020 for example, the weighted average EPS of total listed panies is only Yuan per share, and the weighted average P/B is Yuan per share, percents of these listed panies have negative profit. With low or no profit, the benefit nixes, listed panies’ preference to equity fund is a reasonable phenomenon. Can be gained from debt fund is very little。s financing policy is largely controlled by the major shareholders. Chinese listed panies’ special shareholding structure effects its financing action. Because stockholders of the stateowned shares, legal person shares, social and outstanding shares, foreign share have a different objective function, their modes of financing preferences vary, and their preference affect the financing structure of listed panies. Controlling shareholders which hold stateowned shares account for the status of enterprises and carry out financing decisions in accordance with their own objective function. When the objective function conflict with the other shareholders benefit, they often damage the interests of other shareholders by use of the status of controlling. As the first major shareholders of the panies, government has multiple objectives, not always marketoriented, it prefers to use safe fund such as equity fund to maintain the value of stateowned assets, thus resulting in listed pany’s preference to equity financing. Debt financing bring business with greater pressure to pay off the par value and interests. Therefore, the stateowned panies are showing a more offensive attitude to debt fund, again because of Chinese statecontrolled listed panies have the absolute status in all listed pany. From: International Journal of Business and Management。在這三年，股票融資的比例，在比中國發(fā)達的資本市場中卻在下跌。許多研究的學者認為，上市公司按以下順序進行外部融資：第一個是股票基金，第二個是可轉換 債券，三是短期債務，最后一個是長期負債。在這篇文章中，筆者認為，這是因為具體的金融環(huán)境激活了企業(yè)的這種偏好，并結合了非制度性因素和西方金融理論，嘗試解釋股權融資偏好的原因。如果資本市場是有效的，資本成本應該等于資金成本，也就是說，投資者在資本市場得到的收益應該等同于集資者支付的費用或專一的資金，這是不可避免的。據測算，平均 P/E 的中國上市公司的股份比例為 30 和 40，它也是保持在 20 盡管最近有所下降，但根據經驗正常的P/E 比率應低于 20。在中國，很多上市公司支付很少或者甚至不向股東支付紅利。上市公司大部分是由中國政府考慮到融資的風險，大股東傾向于股權融資，管理層也喜歡，因為它的股本資金成本較低的資金，不需要支付了，那么他們的地位將較穩(wěn)定。當這類企業(yè)面臨著很大的金融風險時，就沒有辦法來解決其資產出售的問題。為什么呢？ 原因可能是有一些在市場上擁有類似技術的競爭對手和高通公司管理層采取保守態(tài)度的融資活動。另一方面，新的高科技公司也有許多無形的資產。據深圳證券信息公司的統(tǒng)計數據，截至到 2020 年 11 月 14 日，共有 412 個公司的 P/b 小于 2，占在中國發(fā)行 A 股的上市公司的比例的 30％，其中，有 150 家公司的 P/b 小于 ，而股市的加權平均 P/ｂ為 。就像 杠桿，我們可以通過使用它擴增行動。 在發(fā)達國家或地區(qū)的上市公司始終有高盈利水平。如長江實業(yè)（集團）有限公司，其每股盈利為 港元。因此，考慮了股東利益，中國上市公司在尋求外部資金支持時，更愿意選擇股權融資。從 1995 年到 2020 年，中國公司流通股的總股本份額幾乎沒有變化，甚至略有下降。我們研究，這些公司從 1995 年至 2020 年的新股票公開發(fā)行，關注同一時期中國上市公司的情況。 中國上市公司特殊的股權結構影響了融資活動。作為公司的第一大股東，政府有多個目標，而不是始終以市場為導向，更喜歡使用諸如股票資金，以維護國有資產的安全，從而，導致上市公司偏好股權融