The paper compared the cost and effectiveness of indirect banking finance and shares direct finance under the same system, and regards that there is no real differences between the two ways of financing.

It finds out t hat the low cost of stock financing co uld not contribute to the enterprise preference in stock financing.

In resent years,with the rapid development of securities markets and enhancement of financing abilities,enterprises have focused on the stock financing.

There is an efficiency paradox among China s listed companies characterized by the preference of equity financing and low efficiency of operation.

At first,through the comparison between Chinese capital market and international market,we propose the subject that we are going to research into the preference of stock market when Chinese enterpries raise fund from the outside.

A probe into direct financing、indirect financing and the objective model of financing structure in China;

Direct financing and indirect financing are important equally;

The Research of Financing Method for Real Estate Based on Direct Financing;

Financial innovation has deeply restructured modern financial system,traditional dichotomy of direct finance and indirect finance has lost power to recapitulate financial system,(and it s) necessary to reclassify modern financial system.

By analyzing the financing market characteristics of medium-and-small-sized enterprises and the deeper reasons for their "hard-to-finance",This article makes a study of medium-and-small-sized enterprises direct finance models and indirect finance models,Finally pointing out that faced with the fierce competition in the financing market,only by opening up more financing channels can medium-an.