【正文】 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資。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。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。 在發(fā)達國家或地區(qū)的上市公司始終有高盈利水平。據(jù)深圳證券信息公司的統(tǒng)計數(shù)據(jù)，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 。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。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。據(jù)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(jù)經驗正常的P/E 比率應低于 20。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。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。 value arising from tax benefit, cost of financial embarrassment and agency cost. Cost of financial embarrassment and agency cost are negative correlative to the types and qualities of panies’ assets, if the enterprise has more intangible assets, more assets with lower quality, it will has lower liquidity and its assets have lower mortgage value. When this kind of enterprise faces to great financial risk, it will have no way to solve its questions by selling its assets. Furthermore, because care for the ability of turning into cash of the mortgage assets, the creditors will high the level of rate and lay additional items in financial contract to rule the debtor’s action, all of those will enhance the agency cost and deduce the panies value. Qualm is supplier of wireless data and munication service in America, it is the inventor and user of CDMA and it also occupies the technology of HDR. The market value of its share is 1120 billions dollars at the end of March, 2020, but the quantities of longterm liabilities is zero. Why? Some reasons may be that there are some petitors in the market who own analogous technologies and the management of Qualm Company takes conservative attitude in financing activities. But the most important factor may be Qualm Company owns a mass of intangible assets which will have lower convertibility and the pany’s value will decline when it has no enough money to pay for its debt. Many listed panies in China are transformed from the national enterprises. In the transformation, these listed panies take over the highquality assets of the national enterprises, but with the development of economy, some projects can not coincide with the market demand and the values of relative assets decline. On the other hand, there are many intangible assets in new hightech panies. Stateowned panies and hightech panies are the most parts of the capital market. We can conclude that the qualities of listed panies’ assets are very low. This point is supported by the index of P/B (PricetoBook value) which is usually thought as one of the most important indexes which can weigh the qualities of the listed panies’ assets. According to statistic data ing from Shenzhen Securities Information Company, by the end of November 14, 2020, there were 412 panies whose P/B is less than 2, take the 30% proportions of total listed panies which issue Ashare in China, among them, there were 150 panies whose P/B is less than , and weighted average P/B of the stock market is . Lower qualities of assets means more cost may be brought out from debt fund and lower total value of the listed panies. Thus the listed panies prefer to equity fund when need outside financial support in China. 4. Profitability and preference to equity fund Financial Leverage Theory tells us that a small change in pany’s profit may make great change in pany’s EPS (Earnings per share). Just like leverage, we can get an amplified action by use of it. Debt fund can supply us with this leverage, by use of debt fund, these panies which have high level of profitability will get higher level of EPS because debt fund produces more profit for shareholders than interest