CAJ | 학술논문

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。
이2010-2011년안휘성상시공사년면판수거위대상，기우S—M모형운용STATA통계공구대안휘성상시공사융자편호진행실증연구。연구발현，안휘성융자순서수선위고권융자，기차시채권융자，최후위내원성융자。문장환진일보대공사자산규모대융자편호적영향진행연구，발현규모월대적공사월편호우고권융자。최후천술료안휘성상시공사융자행위여융자우서이론상패적원인，병제출우화안휘성상시공사자본결구적대책。
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.