优序融资理论推论二在我国上市公司的验证研究

Empirical Study of 2^(nd) Implication of the Pecking Order Theory in Chinese Listed Companies

美国财务学家斯蒂芬.罗斯(Ross)根据优序融资理论提出了三大推论,这些推论在我国上市公司是否有效?本文以第二推论为分析对象,以我国制造业盈利上市公司为研究样本,从负债率的多角度用统计分析的方法进行研究,结果显示企业的盈利能力与企业的有息负债率负相关,从而证实了优序融资理论推论二在我国上市公司的实证有效性。

Stephen A. Ross, the financial expert of the USA, propounded three implications based on the pecking order theory. We wonder whether these implications fit the circumstances here in China. In this paper, we verify the 2^nd implication through investigating Chinese profitable listed companies, using statistics, studying with debt ratio in multiple ways. Our result shows that profitable firms use less liability with interest which confirms that the 2^nd implication fits Chinese circumstance.