[摘要]随着国有制改革和改革开放的逐步进行，我国企业的融资渠道也从以往的国家分配向着多种融资方式并存的方式，发生着转变，但是由于我国的资本市场成立时间短，发展不均衡，债券市场发展滞后，我国上市公司融资顺序与国外企业呈相反顺序，其融资偏好表现为过分依赖股权融资。因此研究本选题，希望在借助现有融资理论和国外融资偏好现状的基础上，分析我国融资偏好现状及其带来的不良后果，寻找发生的原因，并提出改善措施。

[关键词] 上市公司 融资偏好 股权融资 债务融资

[abstract]With state ownership reform and the reform and opening up gradually, our country enterprise financing channels are also from past state allocation to various financing way, the shift, but due to the uneven development of China's capital market, bond market development lags behind, China's listed companies financing order with foreign enterprises in reverse order.Its financing preference to rely too much on equity financing .Therefore research on this topic, hope to use the existing theory of financing and foreign financing preference status quo, on the basis of analyzing the current situation and the adverse consequences of financing preference, find the reasons, and puts forward improvement measures.

[key words]  Listed company  finance preference  Equity financing         debt financing