优序融资与权衡理论比较研究--基于面板数据分数回归模型的实证  

Optimal Sequence Financing with Balance Theory of Comparative Study--Based on Panel Data Points of Empirical Regression Model

作　　者：刘建华 张敏锋 LIU Jianhua;ZHANG Minfeng(School of Business,Minnan Normal University,Zhangzhou,Fujian 363000,China)

机构地区：[1]闽南师范大学商学院,福建漳州363000

出　　处：《牡丹江师范学院学报（社会科学版）》2021年第6期30-36,共7页Journal of Mudanjiang Normal University(Social Sciences Edition)

基　　金：国家社科基金项目(19XJL001)。

摘　　要：优序融资理论和权衡理论是研究资本结构的两种代表性理论观点。本文以2015-2020年中国上市公司为样本,构建面板数据分数回归模型,比较两种理论在我国资本市场的解释能力。研究结果表明,两种理论都不能完全解释中国资本市场的融资行为,上市公司的融资行为更接近于优序融资理论。The pecking order financing theory and the trade-off theory are two representative theories in the study of capital structure.Based on the sample of Chinese listed companies from 2015 to 2020,this paper constructs a panel data fractional regression model to compare the explanatory power of the two theories in China's capital market.The results show that neither of the two theories can fully explain the financing behavior of China's capital market,and the financing behavior of listed companies is closer to the pecking order financing theory.

关 键 词：优序融资理论 权衡理论 资本结构 面板数据 分数回归模型 

分 类 号：F830[经济管理—金融学]