摘要：随着市场经济体制的改革，我国企业的资金来源逐渐发生了转变，由单纯的政府拨款向企业自筹方向发展。上市公司的融资方式主要有债券融资和股权融资，优序的企业的融资方式应按照先内源融资，次负债融资，最后考虑发行股票。我国上市公司普遍偏好股权融资，出现这种现象的原因是多方面的，其最根本的因素在于融资成本的高低。另外，融资制度的缺陷也是这一现象的成因之一，主要包括上市公司股权结构的特殊性、考核制度的不合理、证券发行制度的不健全以及我国发展缓慢的债券市场。对于上市公司而言，有效地改善其融资行为、优化其融资结构不仅能使其自身得到更有利的发展，同时能促进债券市场的发展，让资本市场结构保持应有的平衡。
本文通过文献查阅、图表分析、指标分析等方法,对上市公司股权融资问题进行了比较深入的研究。首先，分析了过度股权融资对企业的影响；其次，提出了我国上市公司股权融资偏好主要原因；再者，通过结合对常州星宇车灯股份有限公司的融资现状的分析，找出股权融资过场中存在的问题及原因，最后提出相关可行性的建议，加大股权融资成本，完善公司治理结构，推动我国资本市场的发展等等。
关键词 上市公司；融资；股权融资
Abstract：As the market economic system reform, our country enterprise source of funds gradually changed, shift from a mere government funding to developing in the direction of enterprise . The financing way of listed companies are mainly bonds financing and equity financing, the optimum order of enterprise financing way should be in accordance with the endogenous financing first, debt financing, and finally consider issuing stock. Common preferences for equity financing of listed companies in our country, there are many reasons for this phenomenon, the most fundamental factor is the financing cost of high and low. In addition, the defects of the system of financing is one of the causes of this phenomenon, mainly including the particularity of the listed company ownership structure, unreasonable appraisal system, securities issue system is not sound and the slow development of bond market in our country. For listed companies, to effectively improve its financing behavior, optimize the financing structure not only can make its get better development, can promote the development of bonds market at the same time, keep the capital market structure being balance.
This article compares the listed company equity financing problems of further research with the literature consulting, method of chart analysis and index analysis. First of all, we analysed the influence of excessive equity financing to enterprise; Secondly, proposed our country listed company equity financing preference main reason; Moreover, by combining the financing present situation analysis of lamp co., LTD. Changzhou Xingyu, we find out the problems and reasons existing in the equity financing cut, finally we put forward Suggestions for the related feasibility, increase the cost of equity financing, perfect the corporate governance structure, promote the development of our country capital market and so on.
Keywords listed company financing equity financing
