基于信息不对称考量的我国上市公司融资优序及探因  

On Chinese Listed Companies' Financing Pecking Order Based on Information Asymmetry

作　　者：冯玉梅[1] 

机构地区：[1]山东财政学院,山东济南250014

出　　处：《运筹与管理》2010年第5期141-148,共8页Operations Research and Management Science

基　　金：山东省"泰山学者建设工程项目";山东省科技攻关计划基金联合资助(2007GG30010007)

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。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 by the cost of capital than information asymmetry.

关 键 词：金融学 融资优序 有序PROBIT模型 信息不对称 股权融资 

分 类 号：F830.91[经济管理—金融学]