企业的融资行为是一定时期社会融资体系的反映。在特定的市场环境下,企业将根据自身条件,诸如资本成本、税收、风险与收益等多种因素选择合理的融资方式。本文力图通过对我国上市公司融资情况与国外的比较分析,进一步揭示其成因,以不断完善我国上市公司的治理结构,促进债券市场 The corporate financing behavior is a reflection of the social financing system in a certain period. In a specific market environment, companies will choose a reasonable financing method based on their own conditions, such as cost of capital, taxation, risk and return. This article seeks to further reveal the causes of the listed companies by comparing the financing situation of our listed companies with foreign countries, in order to continuously improve the governance structure of listed companies in China and promote the bond market.