优序融资理论

国内上市公司优序融资理论之实证研究

An Empirical Test of the Pecking Order Theory

本文从逆向选择角度，利用图解及数学模型分析解释了企业优序融资理论。

Viewing the entrepreneurs and banks by graphic solution , the paper analyses the pecking order theory .

本文以MM理论，优序融资理论作为基础，进行理论分析，将民营企业融资问题分为两个层面，即企业外部层面和企业内部层面。

Based on MM theory , pecking theory , this paper divides the issue into two level , the outside level and the inside level .

第三章和第四章用一般回归和Logit回归模型对我国上市公司的内外部融资选择和融资顺序进行检验，结果表明我国上市公司的融资行为不符合优序融资理论。

The third & forth part are using ordinary regression model and logit model for testing the samples .

沿着MM理论研究的思路，随着前提条件的不断宽松，又陆续发展出代理理论、信号传递理论、优序融资理论、控制权理论等，使资本结构理论研究进入了一个崭新的阶段。

Based on the MM theoretical research , with the development of agent theory , Signal Transmission Theory , Pecking Order Theory , Control Theory , the theory of capital structure research has up the new stage .

首先介绍现代资本结构理论的研究成果，包括著名的MM资本结构模型、占主流地位的权衡模型以及优序融资理论和信号传递模型，并对影响资本结构的现实因素进行了总结；

In the beginning it introduces the modern capital structure theory , which includes the famous MM capital structure model , predominant Trade-off Model , the Packing Order Theory and Signaling Model . Then summarizes the practical factors influencing the capital structure .

优序融资理论的中国上市公司数据验证&兼对股权融资偏好再检验

The Pecking Order Theory Verified by Chinese Companies Data : Test on Preference of Equity Financing Again

这与现代资本结构理论中优序融资理论和西方发达国家的融资顺序存在明显的冲突。

It exist obvious conflict with the pecking order financing theory and financing order in western developed countries .

委托代理理论、代理成本理论和破产成本理论和优序融资理论均得到了实证的支持。

The empirical results support agent theory , agency cost theory , and bankruptcy cost theory , pecking order theory .

权衡理论与优序融资理论的解释力研究：来自中国上市公司的经验证据

Study on the Interpretable Power of the Trade-off Hypothesis and Pecking Order Hypothesis & Evidence from the Listed Companies of China

并且，融资偏好的回归分析结果与统计性的融资行为趋势以及优序融资理论相吻合。

Both the statistical analysis of financing trend and the regression result of financing preference show anastomosis with Pecking Order Hypothesis .

本文主要借鉴代理成本理论、激励理论、信号传递理论、控制权理论以及优序融资理论。

This paper related to agency cost theory 、 Motivation theory , signal transmission theory , control theory and Pecking Order Theory .

与国外上市公司相比，中国上市公司具有股权融资偏好，与优序融资理论不符，中国上市公司具有偏好股权融资特征。

Compared with foreign listed companies , Chinese listed companies have equity financing preferences , not matching " excellent sequence finance theory " .

考虑了财务弹性价值后的优序融资理论和权衡理论更能经得起实证数据的检验。

After considering the value of financial flexibility , both the pecking order theory and trade-off theory can stand more strict empirical check .

本文以中国上市公司为基础，重点探讨优序融资理论和权衡融资理论在中国企业管理实践中的应用情况。

This paper , based on public companies of China , studies the effects of trade-off theory and pecking order theory m China .

企业优序融资理论与我国资本市场建设

The Construction of Chinese Capital Market : Policy Suggestion Based on the Pecking Order Theory PROMOTION OF ESTABLISHMENT OF CAPITAL MARKET FOR MINING INDUSTRY

优序融资理论在以信息不对称理论为中心的新资本结构理论中占有重要地位，并得到国外相关实证研究一定程度上的支持。

Taking an important place in new capital structure theory centered with asymmetry of information , pecking order theory gains support from relative foreign empirical researches .

首先本研究对资本结构理论研究过程进行梳理，着重介绍了静态权衡理论、代理成本理论、优序融资理论和动态资本结构理论。

First of all this paper introduced the static trade-off theory , the agent cost theory , the pecking order theory and the dynamic capital structure theory .

现代资本结构理论主要包括罗斯模型、利兰&派尔模型、优序融资理论的信号模型以及包括代理成本说、财务契约论的代理理论两方面内容。

It consists of informational models including Ross model , Leland Pyle model , Peking order theory and agency theories including agency cost theory and financial contract theory .

此后，西方金融经济学家从不同角度提出了一系列基于资本市场现实环境的新模型，如平衡理论、委托代理成本理论、优序融资理论等。

Western financial economists have also put forward different models based on capital market realities , such as Trade-off Theory , Agency Cost Hypothesis and Pecking Order Theory .

本文的第一章将首先介绍研究我国上市公司融资顺序的意义，国内上市公司融资现状，优序融资理论和国外相关研究的情况。

The first part of this article will discuss with the signification of the testing , the present financial way of domestic firms in market , the pecking order theory and concerning study in west .

结合国内外学者的观点提出夹层融资的理论基础，分别是优序融资理论、代理成本理论、控制权理论和信号理论。

Proposed the theoretical basis of mezzanine financing with combining the point of view of domestic and foreign scholars , they are pecking order theory , agency cost theory , control right theory and signaling theory .

此后，很多学者从权衡理论、代理成本理论、信号传递理论、优序融资理论等不同角度对资本结构进行研究，也对债务融资的问题进行了思考。

Since then , many scholars studied the capital structure theory from different angles , such as the trade-off theory , agency cost theory , signaling theory , the Pecking Order Theory of capital structure of the to study .

在后来的研究中学者们从不同的角度来研究资本结构，进而提出了不同的理论，譬如：权衡理论、代理成本理论、信息传递理论、新优序融资理论等。

From then on , scholars studied the capital structure from different perspectives , and then put forward different theories , such as : trade-off theory , agency cost theory , information transmission theory , and the new pecking-order theory .

现代资本结构理论表明，公司的融资结构确实影响公司价值，公司的融资顺序应遵循优序融资理论，即留存收益优先，债权融资次之，外部股权融资最后。

The modern capital structure theory shows that a company 's financing structure does affect its value , so firms usually raise their finance in pecking order : retained earning refinancing , debt financing , and then external equity financing .

结果表明，一方面，优序融资理论能对目前我国的资本结构及其影响因素做出较好的解释，但由于我国资本市场本身固有的特点，资产规模与资产负债率呈显著正相关；

The results revealed that the pecking order hypothesis tends to be more consistent with the capital structure of China , while the firm size is significantly positive related to the asset-liability ratio according to the characteristic of Chinese capital market .

发现我国企业的融资顺序和优序融资理论所倡导的融资顺序有一定的偏差，企业还没有足够重视公司债券融资在完善公司治理结构和提高公司市场价值方面所发挥的作用。

There is a certain deviation between financing order in china and the pecking order theory . Enterprises still do not have enough attention on the role of improving the corporate governance structure and enhancing the market value that corporate bond financing plays .

本文将进一步对我国企业的融资结构与企业绩效的关系以上市公司为例进行实证分析，得出我国企业的融资结构正在日趋合理，将与优序融资理论一致的结论。

This text take listed company as an example and analyze the relation between financing structure and the performance of enterprise , draw a conclusion that our country financing of enterprise structure will keep the same with " excellent preface financing " theory .

其次从中小企业的高成长性入手，分析了我国中小企业对外部股权融资的强烈需求，并在西方优序融资理论的基础上，提出了中小企业外部股权融资优先于银行信贷融资的观点。

The second , analyses the strong demand of the SMEs due to the character of their high development . In the basis of Pecking-Order theory , a new viewpoint of external equity financing should be superior to credit for SMEs is presented here .

根据负债的节税效应，经营业绩会随着资本结构中负债的增加而提高，根据优序融资理论，在需要融资时公司会优先考虑内部盈余，经营业绩好的公司所需要的外部负债就相对较少。

According to the tax-saving effect of liability , performance will increase as liability rises . Based on Pecking Order Theory , company would focus on internal earnings when it chooses to finance . And the company with good performance needs less external liability .