本文从西方资本结构理论以及融资理论出发,论述了西方发达资本市场的上市公司的融资顺序是先选择内部融资,然后选择债权融资,最后才选择股权融资。与此相反,我国上市公司的融资行为却表现出股权融资偏好的特征。文中笔者着重分析了西方再融资理论不适用于中国目前资本市场的原因,并提出了几点规范上市公司融资行为的建议。 Based on the theory of western capital structure and financing theory, this paper discusses that the financing order of listed companies in developed western capital markets first selects internal financing, then selects debt financing and finally chooses equity financing. In contrast, the financing behavior of listed companies in our country shows the preference of equity financing. In this paper, the author analyzes the reasons why western theory of refinancing does not apply to the current capital market in China, and puts forward some suggestions to standardize the financing behavior of listed companies.