Using the data of 1506 China's listed companies during 2007-2010,this paper analyzes and tests the factors affecting the equity refi- nancing preference of list companies by the Logistic model. The results show as follows: the financing decision of listed company is affected by fi- nancing cost,company characteristic and insider motivation; reasonable corporate governance structure helps to reduce internal motivation and equity refinancing preference of listed companies.%采用Logistic模型，以2007-2010年我国沪深两市1506家上市公司为研究对象，实证分析和检验了影响我国上市公司股权再融资偏好的因素。研究结果表明：上市公司的股权再融资决策主要受融资成本、公司特征以及内部人利益驱动等因素的影响；合理的公司治理结构有助于减弱上市公司内部人攫取私利的动机和上市公司的股权再融资偏好。
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