企业筹资环境

本文对中国企业的境外筹资环境进行了分析，比较了各类ADR方式的特点，提出企业应根据ADR方式的特点、自身的发展以及外部环境，选择合适的境外上市方式筹资。

Through the analysis and comparison to the characteristics of ADR , this paper holds that enterprises should choose suitable types of overseas financing instruments according to the features of ADR , their development and environments .

从根源上理解不同企业资本结构形成差异的原因，对于企业决策者在不同的社会环境下动态地进行资本结构管理和优化，以及政府扶持企业发展、优化筹资环境都是至关重要的。

To primarily understand the discrepancy of capital structures among different firms is important , not only for decision maker to manage and optimize capital structure dynamically under different social environment , but also for government to support enterprise and optimize financing environment .