控制效度因子与优序融资理论模型修正  

Control Efficiency Factor and Amending on the Pecking Order Theory Model

作　　者：王鲁平[1] 马建民[1] 

机构地区：[1]西安交通大学管理学院,西安710049

出　　处：《西安交通大学学报》2008年第6期760-764,共5页Journal of Xi'an Jiaotong University

基　　金：国家自然科学基金资助项目(70371036);西安交通大学"九八五"二期工程资助项目(07200701)

摘　　要：从代理和信息不对称理论出发,在解析Myers理论和Ross信号学说的基础上,通过引入控制效度因子,描述了企业对管理者的控制程度,建立了新老股东、债权人等利益相关者的目标函数,得到了通用的管理者-股东利益决策模型.通过不同控制效应下的状况分析,从理论上推导并且从经济机理上解释了中国上市企业的融资逆序现象.同时,新模型对于成熟市场的融资选择也有较好的解释能力,特别是当控制效度因子Q=1时,修正后的模型可演化为梅耶斯模型.Based on the Ross signal model and the Myers pecking order theory, and after introducing the concept of control efficiency factors, the control degree that companies put on their managers is described, and an objective function that concerns the benefit-related parties such as new shareholders, old shareholders and creditors is established, and a general decision-making model for managerial leaders and shareholders is proposed. Through analyzing conditions under different control effects, the financing Roget phenomenon existing in the listed companies in China is theoretically deduced and economically explained. The proposed model also gives good interpretation to the financing choices for a mature market; particularly when the control factor, an variation of the new model can actually be converted into the Myers pecking order model.

关 键 词：优序融资理论 信息不对称 控制效度因子 

分 类 号：F325.24[经济管理—产业经济]