Stock right is effected by the cost of financing,bond market imperfect and structure defect of listed company of corporate governance,cause the policy guidance lead to the bad stock financing upsurge.

• 股权偏好受融资成本的影响,债券市场不健全以及上市公司法人治理结构的缺陷,导致政策导向引发不良股权融资热。