基于优序融资理论的中国农业上市公司融资偏好实证研究

Empirical Research of Agricultural Listed Companies Financing Preference Based on the Pecking Order

以2009—2011年沪深两市52家农业上市公司的财务数据为样本,具体分析了我国农业上市公司融资方式的分布情况,实证研究了我国农业上市公司2009—2011年的融资偏好与公司规模及股票交易量之间的关系.结果表明,2009—2011年我国农业上市公司的融资方式表现出股权融资偏好的趋势,随着时间的推移,债务融资偏好加强,股权融资偏好减弱.研究发现优序融资理论并不能完全解释我国农业上市公司的融资偏好,本文尝试从公司内部人员交易和信息传递理论的参与角度进行解释.

The author uses the financial data of the 52 agricultural listed companies in Shanghai and Shenzhen cities during 2009--2011 as samples,pays attention to the distribution of the financing of agricultural listed companies in China, and does an empirical research of agricultural listed companies about the relationship among the financing methods and the size and stock trading volume of the company. The result shows that the financing of agricultural listed companies in China during 2009--2011 had the trend of equity financing preference, and as time goes on, the debt financing preference is strengthen and the equity financing preference is weakened. It is found that the pecking order theory can not fully explain the financing preference of listed companies in China＇s agriculture, while in the article the author analyzed this result from the perspective of internal staff participation.