一、我国上市公司资本结构现状及其成因(一)我国上市公司资本结构现状主要表现在以下方面:其一,融资顺序逆转,严重依赖外源融资。根据融资顺序偏好理论和西方有效资本市场的融资顺序,一般按照先内部融资、其次无风险或低风险的举债融资、最后是新的股权融资的融资顺序,而我国上市公司的融资顺序则几乎与之相反, First, the status quo and causes of capital structure of listed companies in China (A) The current status of capital structure of listed companies in China mainly in the following aspects: First, the reversal of financing order, relying heavily on external financing. According to the preference order of financing and the order of financing in the western effective capital market, financing is based on internal financing followed by risk-free or low-risk debt financing, and finally financing order of new equity financing. However, the financing order of listed companies in our country is almost On the contrary,