我国上市公司融资啄序的实证分析

The Empirical Analysis of the Financing Pecking Order of Chinese Listed Companies

鉴于融资啄序理论主张的在信息不对称条件下的“留存收益-债权-股权”的企业最优融资啄序，以我国A股上市公司1994-2007年的融资数据为样本，根据上市公司的规模、成长性和杠杆水平对其进行分类，运用面板数据模型分析不同规模、成长性扣杠杆水平的上市公司融资行为的啄序特征。实证结果表明：我国上市公司均存在不同程度的股权融资偏好，但这种偏好会受到诸如规模、成长能力和负债水平等内部条件以及外部融资政策的制约。

Pecking order theory proposes that the optimum order of financing choices is ＂retained earnings-creditors＇ rights-stock rights＂ under information asymmetry. Based on the empirical data of listed companies in China from 1994 to 2007, the paper analyzes financing pecking order behaviors of listed companies considering different company scale, growth and leverage level. The empirical results show that listed companies have their owner preference to equity financing under their inside and outside financing conditions.