浅析融资优序理论在中西方的应用

The Application of Pecking Order Theory in the West and China

融资优序理论在西方发达的市场经济国家得到了充分的验证,但在我国上市公司中却存在"异常融资优序"现象,其原因在于,我国市场经济不完善,股权融资成本较低,地方政府给予太多的政策及税收优惠,使股权融资成本过低,不能实现优序融资。我国应遵循相应的法律和法规,采取行业管制手段,人为地在那些总需求相对最优、生产规模只能容纳几家企业、且尚未形成寡头垄断的行业设置一定的行业进入壁垒,提高行业的准入门槛,实现合理的资源配置。

The pecking order theory in the western developed market economies has been sufficiently valida-ted, but there is ＂ abnormal pecking order ＂phenomenon in China＇s listed companies. The reason is that China＇s market economy is imperfect, and the cost of equity is lower. Local government has given a lot of policies and tax incentives, and the cost of equity financing is too low which leads to the result that pecking order can not be a- chieved. China should follow the appropriate laws and regulations to take the industry regulatory instruments and set industry barriers to some industries. Therefore, several companies whose aggregate demand is relatively optimal can not form oligopoly. Furthermore, we should set the industry barriers to realize a reasonable allocation of resources.