一、引言一个有效率的资本市场的主要作用在于改变资本形成的结构和流向，形成公司的合理的资本结构和治理结构，提高资源的配置效率。从这个意义上讲，资本市场中的各种融资方式理论上并不存在孰优孰劣的问题。事实上，只有存在着多样化的融资方式才能充分发挥资本市场中市场 I. INTRODUCTION The main function of an efficient capital market is to change the structure and flow of capital formation, to form a reasonable capital structure and governance structure for the company and to improve the allocation efficiency of resources. In this sense, all kinds of financing methods in the capital market do not theoretically have the problem of which one is better or worse. In fact, the market in the capital market can be brought into full play only if there are diversified ways of financing