【正文】 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(jìn)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(dāng)與其他股東的利益目標(biāo)的沖突時，他們往往損害了其他股東的利益。 我們利用的持股數(shù)量，以衡量股權(quán)集中的主要股東的股份數(shù)量。上市公司甚至可能遭受債務(wù)資金所造成的財務(wù)危機(jī)。 1999 年，愛迪生國際公司具有穩(wěn)定的客戶量和許多無形的資產(chǎn)，這些提供了高層次的盈利能力來獲得債務(wù)資金，其債務(wù)占其總資產(chǎn)的 ％。這一點(diǎn)是 P/B 指數(shù)（股價與賬面價值）支持的，這通常作為可以衡量的上市公司的資產(chǎn)質(zhì)量最重要的指標(biāo)。 2020 年３月底，其股票的市場價值在 1120 億美元，但長期負(fù)債的數(shù)量是零。第三，股權(quán)融資沒有硬性約束，如果上市公司選擇股權(quán)融資，他們可以使用資金，永遠(yuǎn)也沒有義務(wù)歸還。 但是，在我國資本市場，股權(quán)融資的成本非常低，這是因為以下因素是：第一，新發(fā)行股份的高 P/E 比率（市盈率）。例如，優(yōu)序融資理論認(rèn)為，當(dāng)企業(yè)需要資金時，他們首先應(yīng)該轉(zhuǎn)向內(nèi)部資金（折舊和留存收益），然后再進(jìn)行債權(quán)融資，最后的選擇是股票融資。 關(guān)鍵詞 ：股權(quán)融資，非制度性因素，融資成本 一、前言 中國上市公司偏好于股權(quán)融資，根據(jù)中國證券報的數(shù)據(jù)顯示， 1997 年上市公司在資本市場的融資金額為 億美元，其中股票融資的比例是 ％，在1998 年和 1999 年比例分別為 ％和 ％，另一方面，債券融資的比 例分別是 ％， ％和 ％。 it is because of the following factors: first, the high P/E Ratio (Price Earning Ratio) of new issued shares. According to calculation, average P/E Ratio of Chinese listed panies’ shares is between 30 and 40, it also is maintained at 20 although drops somewhat recently. But the normal P/E Ratio should be under 20 according to experience. We can observe the P/E was only from 1874 to 1988 in US, and only 10 in Hong Kong. High P/E Ratio means high share issue price, then the capital cost of equity fund drops even given the same level of dividend. Second, low dividend policy in the listed panies, capital cost of equity fund decided by dividend payout ratio and price of per share. In China, many listed panies pay little or even no dividends to their shareholders. According to statistic data, there were 488 listed panies paid no dividend to their shareholders in 1998, percents of all listed panies, there were 590, percents in 1999, even 2020 in which China Securities Regulatory Commission issue new files to rule dividend policy of panies, there were only 699 panies which pay dividends, percents more than that in 1999, but dividend payout ratio deduce 22%. Thus capital cost of equity is very low. Third, there is no rigidity on equity fund, if the listed panies choose equity fund, they can use the fund forever and has no obligation to return this fund. Most of listed panies are controlled by Government in China, taking financing risk into account, the major stockholders prefers to equity fund. The management also prefer equity fund because its lower fund cost and needn’t to be paid off, then their position will be more stable than financing in equity fund. We can conclude from the above analysis that cost of equity fund is lower than cost of debt fund in Chinese listed panies and the listed panies prefer to such lowcost fund. 3. Types and qualities of assets in listed panies and preference to equity fund Static Tradeoff Theory tells us, the value of enterprise with financial leverage is decided by the value of selfowned capital。s top three shareholders holding 40 percent or higher percent of panies’ shares. In some years, the maximum number even is more than 90 percent, indicating that the pany with the implementation of transferred and allotted shares have relatively high concentration rate of shares and major shareholders have absolute control over it. In short, transferring allotting shares and the issuance of additional shares have a certain relevance to the pany’s concentration of ownership structure。統(tǒng)計數(shù)據(jù)顯示，從 1970 年到 1985 年，美日企業(yè)債券融資占了境外融資的 ％，比股權(quán)融資高很多。我們應(yīng)該了解，這種“資本成本”的概念是考慮到有機(jī)會成本投資者，也可稱為預(yù)期收益，它包含了無風(fēng)險利率的 回報，從投資者的風(fēng)險投資產(chǎn)生的收益風(fēng)險率。高 P/E 比率意味著高的股票發(fā)行價格，權(quán)益資金成本下降，即使考慮到在相同的股息水平上。 三、上市公司資產(chǎn)類型和質(zhì)量和股權(quán)融資偏好 靜態(tài)權(quán)衡理論告訴我們，財務(wù)杠桿決定于企業(yè)價自有資本的價值，而價值從稅收優(yōu)惠，財政困境的成本和代理成本產(chǎn)生。 在中國，許多上市公司是由國有企業(yè)改造而來的。因此，在中國進(jìn)行外部融資是，上市公司更傾向于股權(quán)。此外還有大眾，通用，可口可樂， IBM，英特爾， 微軟，戴爾等，都始終是盈利 的。中國上市公司股權(quán)結(jié)構(gòu)具有如下特點(diǎn)：一，股權(quán)結(jié)構(gòu)相當(dāng)復(fù)雜。在有些年，最大數(shù)量甚至是 90％以上，這表明由于轉(zhuǎn)移及配發(fā)股份的實施公司有相對較高的股票集中度和大股東擁有絕對控制權(quán)。 附注： 本文摘自“國際商業(yè)管理雜志” 2020 年 1