As to the transformation of financing institution , the financing structure of firms , especially state - owned enterprises , develops disproportionally : external financing proportions relatively higher than internal financing ; indirect financing higher than direct financing ; stock financing . higher than bond fmacing ; and total debt financing higher than equity financing 在融资机制的变革中，企业，特别是国有企业的融资结构呈非均衡发展：相对来说，外部融资比重高于内部融资比重；间接融资比重高于直接融资比重；股票融资比重高于债券融资比重；全部负债融资比重高于股权融资比重。
