中文摘要：

鉴于上市公司融资方式的选择是在一定的价值目标的指引下，对特定的内外部环境做出的反映，将上市公司的融资方式分为增发、配股、可转债、企业债和银行债五大类，运用多元Logistic回归的方法对我国上市公司融资方式选择的时机特征进行实证分析。实证结果表明上市公司具有强烈的权益融资需求，证券市场融资制度的变化是引导上市公司融资方式选择的重要因素，而就微观层面而言，规模大、盈利能力好、融资规模大、负债水平合适、国有股比例高的上市公司倾向于采取权益融资。

英文摘要：

Financing choice is the reaction of enterprises to the specific internal and external environments guided by certain value target. This paper first divides the financing choices into public offering, right offering, convertible bond, corporate bond, and bank debt. Then, multi choice Logistic regression model is adopted to analyze the timing characteristics of financing choices of listed companies in China. The empirical results indicate the change of financial policy in financial market is the major factor that influences the financing choice of listed companies in China. While from the micro perspective, the enterprises with larger size, better profitability, larger financing scale, proper leverage, higher rate of state share are inclined to equity.