| 基于信息不对称考量的我国上市公司融资优序及探因 |
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| 引用本文： | 冯玉梅.基于信息不对称考量的我国上市公司融资优序及探因[J].运筹与管理,2010,19(5). |
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| 作者姓名： | 冯玉梅 |
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| 作者单位： | 山东财政学院,山东济南,250014 |
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| 基金项目： | 山东省"泰山学者建设工程项目"和山东省科技攻关计划基金联合资助 |
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| 摘 要： | 资本结构啄序理论认为,为了减少信息不对称导致的股权价值低估所引起的投资不足等问题,公司的融资优序应为内部融资—债务融资—股权融资。基于有序probit模型和似然比检验的实证结果表明,我国上市公司的融资优序表现为内部融资-股权融资-债务融资,资本成本在这种融资优序中所起的作用大于信息不对称的不利影响。
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| 关 键 词： | 金融学 融资优序 有序probit模型 信息不对称 股权融资 |
On Chinese Listed Companies' Financing Pecking Order Based on Information Asymmetry |
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| FENG Yu-mei.On Chinese Listed Companies'' Financing Pecking Order Based on Information Asymmetry[J].Operations Research and Management Science,2010,19(5). |
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| Authors: | FENG Yu-mei |
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| Institution: | FENG Yu-mei(Shandong finance University,Jinan 250014,China) |
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| Abstract: | According to capital structure pecking order theory,in order to avoid underinvestment due to equity undervaluation because of information asymmetry,the corporate financing order should be internal financing-debt financing-equity financing.Based on ordered probit model and likelihood ratio test,this paper finds that Chinese listed companies'financing order is internal financing-equity financing-debt financing,that is,the listed companies prefer equity financing in China,and this preference is affected more b... |
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| Keywords: | finance the pecking order of financing orderde probit model information asymmetry equity financing |
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