摘要
优序融资理论(peckingordertheory)认为,企业的融资顺序应该是内部权益融资优先,债权融资次之,外部权益融资最后,而近年来我国上市公司偏好于外部权益融资,与该理论相悖。本文考察了我国上市公司在融资方式上存在的问题,并从信息经济学的角度分析了企业的融资结构,得出结论:提高债务融资的比重是增进市场效率、保护投资者利益的一项有力措施。
Pecking order theory shows that the best financing mode for a firm is inner-equity, then debt and the last outer-equity. However, many Chinese listed companies prefer to outer-equity financing, incompatible with pecking order theory. This paper reviews the problems of financing mode of Chinese listed companies, and analyzes financing structure by information economics. In the end, the paper suggests that raising the proportion of debt can promote market efficiency and protect the fortune of investors.
出处
《天津商学院学报》
2004年第6期43-46,共4页
Journal of Tianjin University of Commerce
