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论文编号：	1815
作者编号：	031687
上传时间：	2010/5/12 17:00:35
中文题目：	对我国上市公司融资顺序的实证检验
英文题目：	Tradeoff theory Pecking order theory Big companies
指导老师：	刘志远
中文关键字：	均衡理论 融资优序 大公司
英文关键字：	Tradeoff theory Pecking order theory Big companies
中文摘要：	本文首先介绍了融资优序理论，并简要回顾了对优序理论进行检验的相关文献。在对我国上市公司的融资环境和制度背景进行分析的基础上，本文认为由于中国经济既属于发展中经济又属于过渡型经济，因而研究中国上市公司的融资顺序是否与其他国家具有显著的差异具有重要意义。基于在以往的文献中对优序理论进行测试主要有两个模型——传统杠杆决定因素模型和融资优序模型，本文通过分别对两个模型进行回归分析认为，运用传统的杠杆决定因素模型来判断我国上市公司的融资顺序是否符合优序理论的预期依赖于对变量相关关系进行解释的理论，相同的数量分析结果，解释理论不同，结论也不同。而Myers等人创立的融资优序模型则没有这方面的弱点，因而是更好的选择。基于以上的理由，本文主要运用融资优序模型对我国上市公司样本数据进行了实证分析。结果显示我国上市公司的融资顺序并不符合融资优序理论的预期，在需要进行外部融资时将首先选择股权，然后是债务。由于修正的融资优序理论强调企业按既定顺序进行融资的前提在于其破产风险程度适中，所以本文进一步对破产风险适中的次级样本公司进行了回归，但是依然得到了和前面相同的结论。 需要指出的是，根据其他文献的研究成果，本文在对我国上市公司中资产规模较大的样本公司进行回归后发现资产规模较大的公司比相对较小的公司更倾向于债务融资，而且大公司的长期负债在总负债中占有更大的比例，同时研究结果还显示融资优序模型对大公司的债务比率变动具有更好的解释能力。大公司更倾向于债务融资的研究结论与对发达国家上市公司数据进行回归分析的其他文献的研究结果相符。本文认为在我国其主要原因在于企业债券市场的高准入门槛和银行系统改革的低效。
英文摘要：	This study first introduces pecking order theory and other related literature. After analyzing China’s current financing environment and system background, we find that it is interesting to do research on financing behavior of China’s listed companies, since the Chinese economy belongs to both the developing economy and transition economy. There are two models which test the pecking order theory in prior literature. One is the traditional leverage determinants model, the other is pecking order model. After examining these two models, we suggest that it is not reliable to draw the conclusion on the financing order only using traditional leverage determinants model, because this model relies on different explanatory theories. We can get the different conclusions, even if the quantity analysis results are the same. Thus, this paper mainly adopts the pecking order model to examine the financing behavior of China’s listed companies. Through empirical analysis, we find that China’s listed companies do not follow the pecking order, when they need funds to finance the investment projects. The financing order of China’s listed companies is equity, then debt. Since the modified pecking order theory emphasize that this theory is suitable for companies with moderate debt ratio, we also did regression for sub-sample with moderate debt ratio. However, we get the same conclusions. The most important aspect we have to point out is that the big companies are more tend to debt financing than small and medium size enterprises. In addition, compare with SMEs, the big companies have relatively higher ratio of long-term debt to total debt. This result is consistent with the findings of other literature which analyzing the data of developing countries. We suggest that the critical reasons are because of the higher entrance requirement of China’s corporate bond market and the ineffective banking system reform.
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