啄食顺序理论

企业融资结构理论中最具代表性的是M-M理论和啄食顺序理论，我国国有企业的融资结构却与其结论完全相悖，呈现出对股权融资方式的特殊偏好。

M-M theorem and Pecking Order theory are the two representative modern financing structure theories . But Chinese state-owned enterprises have the opposite financing structure , showing extraordinary preference to equity financing in fact .

我国上市公司的融资现状不能用梅耶斯的啄食顺序理论来解释。

The fact in China can 't be explained by Myers 's pecking order theory .

这与西方经典的资本结构理论中的啄食顺序理论相反，产生了啄序悖论。

This kind of preference is contrary to one of the western classic capital structure theories - the pecking order . We call it as the paradox theory of pecking order .

同国外研究结论一致：与传统企业相比，中国高科技上市公司外部融资有悖传统啄食顺序理论，呈现出低杠杆效应和股权融资偏好，低杠杆传递着企业价值的正面信号。

As the researches abroad , compared with traditional companies , the financing decision of hi-tech companies in China is violating the traditional pecking order theory , showing on a low-leverage effect .

啄食顺序理论在国外一些企业中得到广泛运用，被奉为企业融资的经典信条，我国一些企业也在积极探索和实践这一理论。

Pecking-Order theory , a classic creed of enterprise financing , has been carried out widely in some enterprises in foreign countries , which also has been developed and practiced in some companies in China .