一、股权融资偏好 :矛盾与困惑现代融资理论通过对ＭＭ不相关定理加入税收、破产成本和代理人成本等因素 ,在更接近现实的假定条件下 ,描述了企业的投资与相应的融资决策 ,揭示了最佳资本结构的存在 ,并表明 ,由于各种融资成本的存在 ,因而股权融资与债权融资都应具有一个合理 First, the preference for equity financing: the contradiction and confusion Modern financing theory through the MM unrelated theorem to join the tax, bankruptcy costs and the cost of agents and other factors, under the assumption of closer to reality, describes the corporate investment and the corresponding financing decisions, Reveals the existence of the optimal capital structure and shows that due to the existence of various financing costs, equity financing and debt financing should have a reasonable