一、现代企业融资的经济学释义成熟市场经济国家的企业融资实践显示 ,企业有资金需求时 ,首先取自历年滚存利润、折旧等内部资金 ,内部融资不足时 ,寻求外部融资途径。在外部融资中 ,一般首选银行贷款、发行公司债券等债务融资方式 ,其次则为股权融资方式 ,且债权融资所占的比 I. Economic Interpretation of Modern Enterprise Financing Enterprise financing practice in mature market economy countries shows that when enterprises have capital needs, they first seek the external financing channels from the internal funds such as accumulated profits and depreciation over the years and insufficient internal financing. In external financing, generally preferred bank loans, corporate bonds and other debt financing, followed by equity financing, and the proportion of debt financing