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我国跨国企业资本结构不尽合理,资产负债率总体水平偏低,而且呈稳中趋降的趋势。造成这一现象的根本原因是我国跨国企业在融资顺序的选择上倾向于股权融资而忽视债权融资,存在明显的股权融资偏好,这与融资优序理论相悖。本文以跨国企业为研究对象,从我国跨国企业融资行为及其导致的资本结构存在的问题入手,通过对这种现象产生的原因的深入分析,对我国跨国企业融资结构优化提出了几点建议。
The capital structure of multinationals in our country is not reasonable, the overall debt-to-asset ratio is low, and the trend of steady and declining trend. The fundamental reason for this phenomenon is that multinationals in China tend to favor equity financing while ignoring debt financing, and there is a clear preference for equity financing, which is contrary to the theory of financing priority. Based on the multinational corporations’ financing behavior and the capital structure problems, this paper starts with the multinational corporations’ financing behavior and causes the capital structure problems. Based on the deep analysis of the causes of this phenomenon, this article puts forward some suggestions to the multinational corporations’ financing structure optimization.