【正文】 shareholder shall pay. On the contrary, these 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。 the listed panies can even suffer from the financial distress caused by debt fund. So with the consideration of shareholders’ interest, the listed panies prefer to equity fund when need outside financial support in China. 5. Shareholding structure factors and preference to equity fund Listed panies not only face to external financing environmental impacts, but also the structure of the panies shares. Shareholding structure of Chinese listed panies shows characteristics as followed: I. Ownership structure is fairly plex. In addition to the public shares, there are shares held with inland fund and foreign stocks, stateowned shares, legal person shares, and internal employee shares, transferred allotted shares, A shares, B shares, H shares And N shares, and other distinction. From 1995 to 2020, Chinese panies’ outstanding shares of the total equity share almost have no change, even declined slightly. II. There are different prices, dividends, and rights of shares issued by same enterprise. III. The overconcentration of shares. We use the quantity of shares of the three major shareholders who top the list of shareholders of the listed panies to measure the concentration of stock. We study he concentration of stock of these panies which issue new share publicly in the years from 1995 to 2020 and focus on the situation of Chinese listed panies over the same period. The results showed that: from 1995 to 2020, the panyWhich once transferred or allotted shareswhose top three shareholders’ shareholding ratio are generally higher than the average level of all the listed panies, and most of these pany39。以美國為例，當美國企業(yè)需要的資金在資本市場上，于股權(quán)融資相比他們寧愿選擇債券融資。 二、上市公司的融資成本和股權(quán)融資偏好 按照西方融資理 論，債務(wù)融資的成本要比股權(quán)融資的成本低得多，因此企業(yè)首先應(yīng)選擇債券融資，然后才選擇股權(quán)融資。我們可以觀察到 1874 年至 1988 年在美國的 P/E 僅 ，香港只有 10。我們可以從以上分析得出結(jié)論：在中國，上市公司股票資金的成本低于債券融資的成本，上市公司更愿意這些低成本的資金。但最重要的因素可能是高通公司擁有大量具有較低質(zhì)量的可兌換無形資產(chǎn)將，它沒有足夠的資金來支付其債務(wù)時，公司的價值會下降。資產(chǎn)質(zhì)量低意味著債務(wù)資金會帶來更多的成本，并降低上市公司的總價值。以美國為例，在美國資本市場有許多表現(xiàn)優(yōu)秀的上市公司，如 JP 摩根，其 1999 年每股收益為每股 。 五 、股權(quán)結(jié)構(gòu)和股權(quán)融資偏好 上市公司不僅要面對外部融資環(huán)境的影響，而且還受到這些公司的股權(quán)結(jié)構(gòu)的影響。結(jié)果表明： 1995 至 2020年，公司的每一次轉(zhuǎn)讓或分配的股份，其前三大股東持股比例一般都高于全部上市公司的平均水平，以及這些公司的前三大股東大多數(shù)持有 40％或更高的公司的股份。債務(wù)融資為還清票面價值和利息帶來了更大的壓力，因此 ，國有企業(yè)對債券資金呈現(xiàn)出較為進攻的態(tài)度，又因為中國國有控股上市公司在所有上市公司中的絕對地位，上市公司偏 好股權(quán)成為了一種合理的現(xiàn)象。當與其他股東的利