我国上市公司融资行为实证研究

本文论述了上市公司规模和行业差异对其融资行为的影响.本文论点主要建立在对西方融资偏好次序这种基于信息不对称的理论的检验之上,在对深圳交易所所有上市公司随机抽样而得到的样本公司运用了多因素方差分析模型进行了实证研究的基础上得到以下结论:(1)公司规模差异影响公司负债融资决策;(2)公司的行业差异影响公司自我融资政策.

An Empirical Study on Financing Behavior of Listed Companies in China

This paper shows how the financial behavior of the listed companies is influenced by their scale and the profession of business. This idea underlies the pecking order theory which is based on asymmetric information. An analysis, which implements a multivariate MANOVA model, has been carded out on some listed companies at Shenzhen stock exchange. The results show that scale of a company influences its decision making on financing, and that the profession of the business influences self-finance policy.