求翻译：股权融资成本偏低。从财务理论来看，公司的融资成本的大小次序是：股权融资、债券融资、银行借款，但我国却出现反常现象，2004年北京大学光华学院的陆正飞和叶康涛通过对我国上市公司的实证研究发现：在同事实施股权和债权融资的上市公司中，股权融资的平均成本低于债权融资的平均成本，股权融资成本偏低，再加上股利成本对上市公司的软约束，使得我国上市公司存在显著的股权融资偏好。特别市留存收益融资，筹资成本极低，而且不影响现有的股权结构。因此利用低现金股利政策来筹集权益性资本，对于我国上市公司而言，其融资成本很低，而且所受得约束较少。是什么意思？

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Equity financing costs low. In terms of financial theory to look at, the company's financing costs of the Order Size is: equity financing, bond financing, bank loan, but it is an anomaly in 2004, Peking University Guanghua School of flying and the leaves are ground and vice president of listed compa

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Stock financing costs low. From financial theory view, company of financing cost of size order is: equity financing, and bond financing, and bank borrowing, but in China is appears freak phenomenon, 2004 Peking University Guanghua College of Lu Zhengfei and Ye Kangtao by on in China listed company o

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