摘要
基于改进的Watson和Wilson(2002)的方法,利用2005年~2009年我国煤炭上市公司样本的平衡面板数据,对该类上市公司融资方式优序行为进行实证检验。研究显示,该类公司融资方式选择行为存在留存收益—短期借款—增发新股—长期借款—长期债券—短期债券的优先顺序。同时结论还显示,在整体上该类公司融资行为基本遵循先内源融资,其次债务融资,最后股权融资的优序融资理论,在这里留存收益、短期借款和配股在这三类融资中占主导地位。
Based on the improved method of Watson and Wilson(2002), uses the balanced panel data of listed coal sample in 2005~2009 year, carry empirical study on this kind of listed company about pecking order financial behavior. The research demonstrated that the finance behavior of this kind of company existence the pecking order of retained earnings- short money- new stock- longterm loan- longterm bond- shortterm bond. Simultaneously, the conclusion also demonstrated that finances behavior of this kind of company basically follow pecking order financing theory: first endogens financing, next debt financing, finally the stock financing in the whole. In here retained earnings, the short money and the share matching are occupies the dominant position in these three kind of financing.
出处
《工程经济》
2014年第11期7-15,共9页
ENGINEERING ECONOMY
