The Pecking Order Theory Verified by Chinese Companies Data: Test on Preference of Equity Financing Again

依据Myers(1984)、Myers和Majluf(1984)的分析,公司存在这样一个融资顺序:留存收益、债务融资、权益融资。中国目前广泛流行“股权融资偏好”的观点,即股权融资优先于债权融资。利用Ordered-probit模型应变量可以排序的特点,文章所做的研究却发现,就中国上市公司的外部融资顺序而言,样本总体上是支持优序融资理论(the peckingorder theory),但分类分析则发现,优序融资理论以及股权融资偏好的说法均得不到完全的支持。According to Myers(1984) and Myers and Majluf(1984)'s analysis,a firm's financing order is retained earnings,debt and equity. In China,a popular viewpoint is the preference of equity financing,that is,equity financing is prior to debt financing.But by using independent variable order property of ordered-probit model,this paper's findings support the pecking order theory as far as exterior financing order of Chinese companies is concerned.But for the concrete instance,the findings fully support neither the pecking order theory nor the preference of equity financing.教育部人文社会科学重点研究基地重大研究项目(05JJD630029