Under the special background of transitional economy in china , however , the cost of equity financing of listed companies , besides the general explicit cost , also contains rather high implicit cost , which covers the real expense paid by listed companies , and makes it difficult for capital market to exert the function of allocating resource at full 然而,在我國轉(zhuǎn)軌經(jīng)濟(jì)的特殊背景下,上市公司股權(quán)融資成本除包含一般的顯性成本外,還包括相當(dāng)高的隱性成本,從而掩蓋了上市公司進(jìn)行股權(quán)融資所付出的真實(shí)代價(jià),使資本市場配置資源的功能難以有效發(fā)揮。