基于Probit模型的上市公司融资优序的再检验

采用修正的优序融资检验模型和Odered_Probit模型对上市公司的融资行为偏好进行检验,实证结果表明我国存在着明显的外源融资偏好,而在外源融资中更偏向于股权融资。我国上市公司的融资顺序为:股权融资、内源融资、债权融资。通过Probit模型回归结果看,持股比例、股权制衡度、Roe、GDP增长率、金融机构对人民币贷款总和、3-5年贷款利率、不良贷款率、股票市值/GDP、换手率、现金流缺口均会对融资行为的选择构成影响,而市盈率、Tobin’sQ指标对于融资行为选择的影响并不显著。

Inspection on Pecking Order of the Listed Company based on Probit Model

This article uses modified pecking order model and Odered_Probitmodel to test the financing behavior of listed companies.The empirical results show that our country has the obvious exogenous financing preference,and preferring in equity financing in foreign financing.The listed financing order of our country is the first choose is equity financing,followed by internal financing,finally choose the debt financing.Through the Probit model,regression results show the shareholding,degree of ownership balance,Roe...