融资顺序

国有上市公司融资顺序分析

Analyze on Pecking Order of State-owned Listed Company

当前在我国资本市场中国有上市公司的融资顺序安排与西方融资顺序理论出现了偏离。

Nowadays , the pecking order of state-owned listed company in Chinese capital market is deviated the Pecking order theory .

依据Myers（1984）、Myers和Majluf（1984）的分析，公司存在这样一个融资顺序：留存收益、债务融资、权益融资。

According to Myers ( 1984 ) and Myers and Majluf ( 1984 ) 's analysis , a firm 's financing order is retained earnings , debt and equity .

中国上市公司扩张性融资顺序实证研究

Empirical Test on Financing Order of Listed Company with Expansion Actions

在我国，企业融资顺序为股权融资、银行借款、债券融资。

While in China , the order is stock , loan from bank and bond .

许多的经验与实证分析也表明了此种融资顺序的优越性。

A lot of experience and empirical analysis also attest that such financing order is optimal .

融资顺序不合理，先外部融资再内部融资，先股票融资再举债融资。

Financing order is not reasonable .

研究认为，地区的制度环境差异是解释融资顺序异质性的一个重要因素。

This paper considers that regional institutional environment difference is a key factor to explain the financing order difference .

民营企业最优的融资顺序安排应该是：内部集资发行债券发行股票银行贷款；

The optimum sequence of financing arrangement in private enterprise should be internal collections , bonds , shares and then loans ;

要求现金股利的发放数额较大，从而强制转换目前的融资顺序，并对股东形成合理回报，削弱投机现象；

Greater cash dividend can switch the contemporary financing order , generate reasonable return for the shareholders and ease the spectacular phenomenon .

由于种种原因，我国的融资顺序表现为股权融资、短期债务融资、长期债务融资和内源融资。

However , the preferred financing sequence in China is stock financing , floating debt financing , long-term debt financing and internal financing .

其代表理论有：代理成本理论、信号传递理论、融资顺序理论和控制权理论等。

On behalf of its theory : theory of agency costs , signaling theory , theory of the order of finance and control theory .

而且按照现代资本结构的主流理论，企业最优的融资顺序是内源融资、债务融资、股权融资。

But according to the mainstream theory of modern capital structure , optimum finance sequence is inside finance , debt finance and equity finance .

其融资顺序为：股权融资、商业银行信用、商业信用融资、留存收益和财政性融资。

Its order of financing is : stock financing , credit of commercial bank , commerical credit financing , retaining incomes and finance financing .

该理论认为，企业的融资顺序应该是首先内部融资，其次是债券融资，股权融资最后。

This theory holds that the financing preference of enterprises should be internal financing first , followed by bond financing , and finally equity financing .

根据这个理论，企业的融资顺序应该是内部资金优先，债券融资次之，最后才是股权融资。

According to this theory , external fund is given the first priority in corporate financing , debt financing is the second , and equity financing is the last .

通过对比分析可以看出，企业理性的融资顺序应为：内源融资、债权融资、股权融资。

According to the capital structural theory of modern west , the financing order of enterprises under standard marketing circumstance is direct financing , bond financing , and stock financing .

本文通过实证研究，表明我国上市公司的再融资顺序依次为：内源融资，股权融资，债权融资。

This paper makes pragmatic study on the refinancing order of listed corporation in China . The results show that order is internal financing , equity financing and debt financing .

本文以契约理论和现代财务理论为基础，运用规范研究与实地研究的方法对我国国有上市公司的融资顺序进行研究。

This paper is base on contract theory and modern financial theory , use normative study and field study method to analyze the pecking order of state-owned listed company in China .

我国股票市场产生的基础存在着制度性的先天缺陷。研究表明，我国上市公司的融资顺序与现代资本结构理论关于啄食顺序原则存在明显的冲突。

China 's stock market original basis congenitally lacks mechanism deficiency , which results in a distinct conflict between Chinese listed company 's financial order and modern capital structure theory on peck order principle .

得出基本结论：医药行业上市公司的资本结构决策总体比较谨慎，企业融资顺序有待调整，企业债券市场需要进一步完善。

The basic conclusion is that the capital structure decision-making of listed companies of medicine industry overall is quite discrete , companies financing order needs for adjustment , the companies bond market require perfecting further .

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 .

通过实证分析，本文进一步研究了我国上市公司融资顺序对公司绩效的影响，得出内部融资与公司绩效呈正相关；

In order to further prove the irrationality , this paper also makes an empirical test on the impact of the reverse financing order on the companies ' performance and proves internal financing presents a positive relation with Companies ' performance ;

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 .

现代资本结构理论揭示了企业的最优融资顺序为：内部融资债权融资股权融资，而我国上市公司的融资行为与现代企业资本结构理论并不一致，表现出较强的股权偏好现象。

The theory of modern capital structure reveals that the best sequence of corporate financing should be inside financing , credit financing and equity financing . However , an obvious discrepancy is that Chinese listed companies prefer equity financing whereas western companies prefer others in their financing behavior .

通过对国有上市公司进行实地调查，分析我国上市公司现有融资顺序的经济后果，发现国有上市公司现有融资顺序不利于资金使用效率和治理状况的改善，并造成了整体资本市场资金配置的低效。

Through field survey on state-owned listed company , we analyze the economic consequences of going pecking order of state-owned company , and found that the capital employ efficiency and corporate governance in these state-owned listed companies is not improvement . The resource allocation in capital market is inefficiency .

最后提出实现我国上市公司并购融资最优顺序的途径及建议。

Finally , the thesis raises the proposals and recommendations to achieve the optimal financing way and order for Chinese Listed Companies .

国内上市公司融资的啄食顺序和成熟市场经济国家相反，表现出较强的股权融资偏好特征；

Contrary to foreign listed companies , the pecking order of domestic ones shows strong preference for stockholder 's rights financing .

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 .

东北三省短期信贷融资效率的高低顺序为辽宁省、吉林省、黑龙江省。

The short credit financing efficiency ' order of northeast is Liaoning province , Jilin province and Heilongjiang province .