英语翻译摘要：根据啄食顺序原理,企业进行融资时,将优先考虑使用内部的盈余,其次是采用债券融资,最后才考虑股权融资.而本文通过对中国上市公司和民营企业根据自身不同的结构采用的不同的融资方式进行了研究,得出我国企业的融资选择存在着重融资、重股市融资而忽视对投资者的回报的偏差,有悖于啄食顺序,需要从股权分割、股市制度建设、股利分配、监管与处罚、内部管理等方面着手予以矫正.关键词：啄食顺序 上市公司 民营企业 融资方式 融资选择

Abstract: According to the calligraphy stroke food order principle, when the enterprise carries on financing, first considered the use interior the earnings, next use bond financing, finally only then considers stockholder's rights financing. But this article through went on the market the company to China and the privately operated enterprise acts according to the different financing way which own different structure used to conduct the research, obtained our country enterprise the financing choice existence to finance emphatically, heavy stock market financing but neglects to the investor the repayment deviation,Counteracts in the calligraphy stroke food order, needs from aspect and so on stockholder's rights division, stock market system construction, dividend assignment, supervising and managing and punishment, internal management begins to rectify.
Key word: The calligraphy stroke food order goes on the market the company privately operated enterprise financing way financing choice

Abstract:According to the calligraphy stroke food order principle,when the enterprise carries on financing,first considered the use interior the earnings,next use bond financing,finally only then considers stockholder's rights financing.But this article through went on the market the company to China and the privately operated enterprise acts according to the different financing way which own different structure used to conduct the research,obtained our country enterprise the financing choice existence emphatically to finance,heavy stock market financing neglects to the investor the repayment deviation,counteracted to the calligraphy stroke food order,needed from aspect and so on stockholder's rights division,stock market system construction,dividend assignment,supervising and managing and punishment,internal management begins to rectify.
Key word:The calligraphy stroke food order goes on the market the company privately operated enterprise financing way financing choice