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我国上市公司具有典型的过度股权融资偏好,按照行为金融学的基本原理,我国上市公司存在股权融资过度偏好的种种非理性因素。其直接原因是我国上市公司股权融资成本偏低,间接原因则包括公司治理结构不合理、公司经理层的个人非理性行为、政策导向与制度缺陷、资本市场不完善等因素。过度偏好股权融资的行为会扭曲证券市场的资源配置功能。
Listed companies in our country have a typical preference for over-equity financing. According to the basic principles of behavioral finance, there are various irrational factors in the listed companies in our country. The direct reason for this is that the cost of equity financing of listed companies in China is low. The indirect causes include unreasonable corporate governance structure, personal irrationality of managers, policy orientation and institutional defects, imperfect capital market and other factors. Excessive preference for equity financing behavior distorts the securities market’s resource allocation function.