【摘要】 自從MM理論誕生以來，企業的融資結構理論一直是經濟學界關注的焦點之一。企業融資結構的選擇影響企業資本的使用效率、公司治理結構和公司價值，從而最終影響企業的業績。按照現代融資結構的主流理論，企業最優的融資順序市內源融資、債券融資、股權融資。
我國上市公司的融資方式一直是人們關注的焦點，理論界得出比較一致的研究結論是，我國上市公司普遍具有股權融資偏好，不得已才是債務融資。很明顯，我國上市公司融資順序選擇與西方資本結構理論存在衝突。
本文首先回顧了西方典型的融資結構理論，對我國上市公司的融資方式進行了概述,分析我國上市公司的現狀，進而找出影響我國上市公司融資結構現狀的因素，提出完善我國上市公司融資結構的對策和建議。
最後，還結合了海螺型材公司的案例進行分析。
關鍵詞：上市公司，資本結構，股權融資，債權融資
Abstract
The theory of capital structure has been in focus by economic circles since MM theorem was born. The selection of corporate capital structure will influence utilizing efficiency of corporate capital, asset values, governance structure whereby influence corporate achievements finally; but according to the mainstream theory of modern capital structure, optimum finance sequence is inside financing, debt financing and equity financing.
The way to financing of listed companies in China has been in focus by the public in recent years. In China, listed companies generally prefer equity financing. At last, they have no alternative but to choose debt financing. It is obvious that there exist conflicts between finance sequence of listed companies and the theories of western capital structure.
Firstly, the author introduced the western financing structure theory and summarized the financing methods of listed companies and analyzed the present condition of listed companies to find the contributing factors to capital structure of listed companies and put forward advices and countermeasures to capital structure optimization of listed companies.
In the end, the author used the case of Hailuo listed company to analyze.
Key words: listed companies, capital structure, equity financing, debt financing
目錄
一、序言··················································4
二、文獻回顧··············································4
三、 我國上市公司資本結構和融資方式的總體分析··············6
（一） 上市公司資本結構及融資方式現狀······················6
（二）上市公司股權結構對上市公司及股票市場影響·············7
四、 我國上市公司資本結構不合理原因分析···················8
（一） 負債結構不合理原因··································8
（二）股權融資偏好原因·····································8
五、 優化上市公司資本結構和融資方式的對策和建議···········10
（一） 完善資本市場的建設·································10
（二）建立有效的公司治理結構······························10
（三） 制定科學的資本結構，選擇合理的融資方式··············11