| 融资理论的实践效应及其验证——基于中国上市公司的数据分析 |
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| 引用本文： | 李连华,倪伟才.融资理论的实践效应及其验证——基于中国上市公司的数据分析[J].财经论丛,2005(6):41-48. |
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| 作者姓名： | 李连华 倪伟才 |
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| 作者单位： | 1. 浙江财经学院会计学院,浙江,杭州,310012
2. 浙江财经学院数学与统计学院,浙江,杭州,310012 |
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| 摘 要： | 融资理论是企业制订融资政策的理论基础.不同的融资理论及管理思想将会导致企业采用不同的资金管理策略与政策.因此,融资理论及其实践效应又是预测企业资金管理政策的重要参数.本文以中国上市公司为基础,重点探讨优序融资理论和权衡融资理论在中国企业管理实践中的应用情况.研究表明,这两种理论在中国企业管理实践中都得到了不同程度的应用,但是比较而言,优序融资理论的受支持程度要高于权衡理论的受支持程度.
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| 关 键 词： | 融资理论 融资政策 实践效应 |
| 文章编号： | 1004-4892(2005)06-0041-08 |
| 收稿时间： | 09 25 2005 12:00AM |
| 修稿时间： | 2005年9月25日 |
On the Effects of Theories of Financing and its Testing--Analysis of the Public Company in China |
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| LI Lian-hua,NI Wei-cai.On the Effects of Theories of Financing and its Testing--Analysis of the Public Company in China[J].Collected Essays On Finance and Economics,2005(6):41-48. |
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| Authors: | LI Lian-hua NI Wei-cai |
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| Institution: | 1. Accounting School, Zhejiang University of Finance and Economies, Hangzhou 310012, China;2. School of Mathematics and Statistics, Zhejiang University of Finance and Economics, Hangzhou 310012, China |
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| Abstract: | The theory of financing is the basis for enterprises making financing policy. Different theories and different thoughts will lead to variable financing policies and corresponding strategies of managing funds. This paper, based on public companies of China, studies the effects of trade-off theory and pecking order theory m China. It is found that the two theories both are used in our management of corporations. Relatively speaking, the degree of pecking order theory is more widely used than trade-off theory. |
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| Keywords: | theory of finance policy of financing effects of practice |
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