摘要：探讨我国卖空限制下投资者异质信念对上市公司融资工具选择和融资规模的影响。在此基础上，以调整换手率和超额收益波动率作为异质信念代理变量实证研究。研究发现：(1)异质信念越大，公司越倾向股权融资；(2)公司股权融资规模与异质信念负相关；(3)公司债权融资规模与异质信念无关。研究结论表明，异质信念影响公司融资工具选择，而异质信念与融资规模关系受融资工具影响。  

Abstract: At first, the heterogeneous beliefs among investors impact on financing implement selection and financing scale in presence of Chinese constraints for selling short are discussed. Subsequently, using adjusted turnover and abnormal return volatility as two proxies, the implications of heterogeneous beliefs for financing implement selection and financing scale are empirically studied. The results indicate that: (1)The greater the heterogeneous beliefs are, the more likely the firm chooses to issue equity; (2)Heterogeneous beliefs are negatively related to the financing scale for equity issuers; (3)Heterogeneous beliefs are unrelated to financing scale for debt issuers. It shows that heterogeneous beliefs affect financing implement selection, but the relation between heterogeneous beliefs and financing scale is influenced by financing implement.