一、引言国内外学者对信息不对称下的融资政策研究成果颇丰,经典的MM理论是在完美资本市场假设前提下研究融资行为对企业价值的影响,但完美的资本市场在现实中是不存在的,就算是资本市场发达的美国也只是处于弱强势资本市场状态。在信息不对称条件下,不同的融资政策会形成不同的融资行为,不同的融资行为最终会影响公司的融资效率。因此,研究信息不对称条件下的融资效率问题将是一项很有意义的工作。二、融资效率的界定 I. Introduction Domestic and foreign scholars have done quite a lot in research on the financing policy under the asymmetric information. The classic MM theory studies the impact of financing on the corporate value under the assumption of a perfect capital market. However, the perfect capital market is not realistic in reality Existence, even the United States with developed capital markets, is only in a state of weak and strong capital markets. Under the condition of information asymmetry, different financing policies will form different financing behaviors, and different financing behaviors will ultimately affect the financing efficiency of the company. Therefore, it will be a very meaningful task to study the financing efficiency under the condition of asymmetric information. Second, the definition of financing efficiency