对于中国上市公司的融资特点,现在最为主流的观点是我国上市公司有强烈的股权偏好,融资正好逆着优序理论的顺序(Pecking-order),原因在于我国的股权融资成本奇低。但是也有观点认为,股权融资在全世界范围都是普遍性的,而相反我国的融资反而到在一定程度上遵循了Pecking-order。本文试图通过分析我国上市公司的资本结构现状分析,对中国上市公司的融资偏好给予解释。 At present, the most mainstream view of listed companies in China is that their listed companies have a strong preference for equity. The financing is contrary to the order of the optimal order theory because the cost of equity financing in our country is extremely low. However, there are also some viewpoints that equity financing is universal all over the world. On the contrary, the financing of our country instead follows Pecking-order to a certain extent. This article tries to explain the financing preference of Chinese listed companies by analyzing the current situation of the capital structure of the listed companies in our country.