与经典资本结构理论的结论不同 ,我国国有企业的融资次序恰好是倒序的。这一现象有着深刻的政治经济学内涵 ,本质上它是由国家追求义理性的最大化 ,缓解财政压力的行为所内生决定的。因此 ,单纯从西方主流理论出发 ,不考虑我国转轨经济的背景对国有企业融资行为和由此而引致的治理结构所进行的分析 ,是不得要领的。 Different from the conclusion of classical capital structure theory, the financing order of our state-owned enterprises happens to be reverse order. This phenomenon has profound political economy connotation. In essence, this phenomenon is endogenously determined by the state's pursuit of maximizing the sense of rationality and alleviating financial pressure. Therefore, starting from the western mainstream theory alone, it is unjust to take the analysis of the financing behavior of state-owned enterprises and the governance structure caused by this without considering the background of the transitional economy in our country.