The empirical analysis indicates that the motivation - constraint mechanism is not perfect in chinese stock market , and the constraint mechanism is not strong in chinese bond market and the development of chinese corporate bond market is too slow , which make the non - public companies prefer credit financing 实证表明,我国股票市场还没有形成对企业融资行为的激励约束。信贷市场对企业融资行为的约束还很弱,加上企业债券市场的发展滞后,使我国非上市公司的融资严重依赖银行贷款,使其资本结构呈现资产负债率过高的问题。