【正文】 returns. It contains of riskfree rate of returns and risk rate of returns arising from the investors’ risk investment. It is different with financing cost in essence. Financing cost is the cost arising from enterprises’ financing activities and using fund, we can call it fund cost. If capital market is efficient, capital cost should equal to fund cost, that is to say, what investors gain in capital market should equal to what fund raisers pay, or the transfer of fund is inevitable. But in an inefficient capital market, the price of stock will be different from its value because of investors’ action of speculation。許多研究人員通常分析我國上市公司偏好股權是由于我們國家的經(jīng)濟改革所帶來的制度性因素。據(jù)統(tǒng)計， 1998 年共有 488 家上市公司對股東不支付股息，占所有上市公司的 ％，在 1999 年有 590 家， 比例為 ％，甚至 2020 年中，中國證券監(jiān)督管理委員會發(fā)行新的股息政策文件后，當時只有 699 家公司支付股息，比例是 ％，公司數(shù)比 1999 年多，但分紅比例減少了 22％。國有企業(yè)和高科技公司是資本市場的大部分地區(qū)。但是，中國內(nèi)陸的上市公司沒有優(yōu)良的盈利能力，他們的盈利能力普遍較低。由于國有股，法人股，社會流通股，外資股的股東有不同的目標，融資偏好的方式各不相同，他們的偏好影響上市公司的融資結構?？傊D(zhuǎn)讓股份及配發(fā)額外股份發(fā)行的相關 公司的所有權集中結構和公司的融資政策，主要是受大股東的控制。在香港，這些公司的股票納入恒生指數(shù)的每股盈利有超過 1 港元的水平，許 多人都超過 2 港元。在轉(zhuǎn)型中，上市企業(yè)接管了國有企業(yè)的高效優(yōu)質(zhì)資產(chǎn)，但隨著我國經(jīng)濟的發(fā)展，有些項目未能配合市場供求下降相應資產(chǎn)價值。第二，上市公司的低股息政策，股票資金的資本成本決定了分紅派息率和每股價格。閻達五等發(fā)現(xiàn)，大約中國 3/4 的上市公司偏好于股權融資。 they only chase capital gain and don’t want to hold the stocks in a long time and receive dividends. Thus the listed panies can gain fund with its fund cost being lower than capital cost. But in our national capital market, capital cost of equity fund is very low。他們認為，上市公司的融資活動違背了西方古典融資理論只是因為那些制度性原因。因此，股權資本成本非常低。我們可以得出結論，上市公司的資產(chǎn)質(zhì)量卻很低。以2020 年為例，整體上市公司的加權平均每股收益僅為每股 元，加權平均 P/B為 元，每股 ％，這些上市公司都負利潤或低或沒有利潤， 可以從債券資金得到的好處很少 ?？毓晒蓶|，為滿足自己的目標進行融資決策。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。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。 在中國，許多上市公司是由國有企業(yè)改造而來的。高 P/E 比率意味著高的股票發(fā)行價格，權益資金成本下降，即使考 慮到在相同的股息水平上。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 ％，比股權融資高很多。 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 Tradeof