For a long time,a single financing system and inefficient endogenous financing capacity result in over-indebtedness of enterprises in our country and become an important factor which plagues the development and reform of the enterprises in our country.In resent years,with the rapid development of securities markets and enhancement of financing abilities,enterprises have focused on the stock financing.However,over-reliance on stock financing will cause many negative effects on the companies themselves and the development of securities markets.