企业融资偏好与融资结构特征的背离：基于农业上市公司态势

运用新的研究思路与方法,对我国农业上市公司的融资偏好与融资结构特征分别进行实证研究,结果发现虽然融资结构特征体现出明显的股权融资依赖性,但企业并不具有股权融资偏好。我国农业企业融资行为基本吻合融资啄食理论的"内源融资——债务融资——股权融资"偏好顺序,融资偏好与融资结构特征之间存在明显的背离现象。

The Deviation of Enterprise Financial Structure from Financing Preference:Based on the Situation of Listed Agribusinesses

It studied the financing preference and financial structure performance of the listed agribusinesses respec- tively using new quantitative analysis method.The outcome is:although the agribusinesses depend on equity financ- ing,they have no equity financing preference.The listed agribusinesses in China have the same financing preference order as the Pecking Order theory basically.In other words,the financial hierarchy descends from internal funds,to debt,to external equity that deviates from the financial structure,and there is obvious deviation of enterprise finan- cial structure from financing preference.