融资优序理论下安徽上市公司融资偏好的实证研究

以2010-2011年安徽省上市公司年面板数据为对象，基于S—M模型运用STATA统计工具对安徽省上市公司融资偏好进行实证研究。研究发现，安徽省融资顺序首先为股权融资，其次是债券融资，最后为内源性融资。文章还进一步对公司资产规模对融资偏好的影响进行研究，发现规模越大的公司越偏好于股权融资。最后阐述了安徽省上市公司融资行为与融资优序理论相悖的原因，并提出优化安徽省上市公司资本结构的对策。

Empirical Study on the Financing Preference Behavior Based on Pecking Order Theory of the Listed Companies in Anhui

This paper selected 2010-2011 annual report panel data as the research objectives. Based on the modified SM model, and used the STATA statistical tools to study the financing preference. Empirical results found that the financing order was equity financing, debt financing anti internal financing. Further analysis indicated that large-scale corporation preferred equity financing compared with small-scale corporation. Finally, the contrary reasons between the financing behavior and the pecking order theory were elaborated and countermeasures were also put forward.