股权融资是我国上市公司重要的融资方式,截至到2005年12月31日止,我国上市公司通过发行A股共募集资金10146．08亿元,其中IPO募集资金总额为4626．93亿元,占45．6%(数据来自中国证监会网站)。然而股权融资不仅仅是一种筹措资金的方式,更是一种配置资源的方式。然而我国上市公司融资过度地利用了股市筹集资金的功能,而忽视甚至放弃了其应 Equity financing is an important financing method for listed companies in China. As of December 31, 2005, China’s listed companies raised a total of 1.014608 trillion yuan through the issuance of A shares, of which the total amount of IPO raised was 462.693 billion yuan, accounting for 45.6% (data from China Securities Regulatory Commission website). However, equity financing is not only a way to raise funds, but also a way to allocate resources. However, the financing of listed companies in our country over-utilized the function of the stock market to raise funds, while ignoring or even abandoning its function