啄序 的英文怎麼說
中文拼音 [zhuóxù]-
The financing pecking order in high - tech entrepreneurial enterprises
高科技創業企業融資中的金融啄序Empirical test of static tradeoff theory and pecking order theory
靜態權衡理論與啄食順序理論的實證檢驗( 3 ) the fact in china ca n ' t be explained by myers ' s pecking order theory
（ 3 ）我國上市公司的融資現狀不能用梅耶斯的啄食順序理論來解釋。Chapter ii reviews theories which has existed on corporate capital structure and corporate financial decisions, for example, static tradeoff theory, pecking order theory, and agent - principal theory. these views agree on that corporate financing order should be debt financing first, then equity financing
已有企業資本結構和融資理論，無論是靜態平衡理論，委託代理理論，還是啄食順序理論都認為：企業外部融資時應首先選擇債權融資后選擇股權融資。Through the review of theories about capital structures of foreign countries, the paper compares developed with developing countries in the capital structures and analyzes the character of chinese listed company. based on ample data, the proportion of equity financing is much more than that of credit financing in the capital structure of listed company. it indicates that listed company ' s choice of financing approach has an intensive predilection of equity financing, which is far from “ pecking order ” of financing approach in matured market. at the same time, the efficiency of equity finacing is not hight, so is debt finacing. the funds raised from equity finacing changes high frequency and lacks restrict, and the efficiency of debt finacing from bank is not hight because of “ soft restriction ”. despite the debenture has a preferable restrict, it grows lentitudily in china
大量數據說明中國上市公司融資結構中股權融資的比重遠遠超過債權融資，與成熟市場條件下公司融資方式的「啄食順序」不同，有著強烈的股權融資偏好。同時，中國上市公司的融資效率是低下的，不管是股權融資還是債權融資。股權融資募集資金變更頻繁，缺乏約束，資金使用效率不高;銀行債權融資存在軟約束，使用效率同樣不高;公司債券融資具有較高的約束力，但在我國發展受到限制。Myers ( 1984 ) and majluf ( 1984 ) proposed new pecking order theory, which states that under asymmetric information conditions firms have no well - defined target debt - to - value ratio, and that firms in general prefer internal financing ( first ), then external debt financing ( second ), and external equity financing ( third )
代表性學說有mm定理及其修正學說、啄食順序理論和新優序融資理論。新優序融資理論認為在不對稱信息條件下，企業首先偏好內部融資，其次是債權融資，最後是股權融資。From the 1950 ' s, a lot of theories of enterprises " financial structure have put forward that of all the financial methods, enterprises are inclined to select such a route : the first, the interior financing, the second, the credit financing, then the stock financing
Mm理論階段的主要結論是提出了企業融資的「啄食」順序，即首先內部融資、其次是負債融資、最後是股權融資；現代融資結構理論階段的主要結論是企業偏好內源融資，如果需要外源融資，則偏好債券融資。分享友人