順序偏好 的英文怎麼說
中文拼音 [shùnxùpiānhǎo]
順序偏好
英文
sequence preference-
The research conclusion indicates : the listed companies of china choose equity - financing first, bond - financing second ; in the bond - financing, the companies prefer to current liabilities ; the factors which impact the financing structure are the profit, the growth, the dividend, the equity - structure, the repayment - ability and the bankruptcy - cost. next the author analyses the financing - cost of the listed companies of china
研究結果表明:我國汽車製造業上市公司首選股權融資，其次才是債權融資，在債權融資順序中，上市公司更加偏好短期負債融資而非長期負債融資;對我國汽車製造業上市公司融資結構的形成具有顯著影響的因素主要包括企業利潤因素、企業成長因素、股利分配因素、股權結構因素、償債能力因素和破產成本因素。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。This paper makes an statistical analysis on the rate of every financing amount to overall capital source of chinese listed companies from year 1993 to 2000 and draws the characteristic of the financing order of chinese listed companies : the financing order is stock financing - bank loan - internal financing - bond financing from 1993 to 1997 soon after stock market was set up in china ; affected by various kinds of economic policies and other factors, the financing order is bank loan - stock financing - internal financing - bond financing after 19 98. the conclusion is reverse to the " pecking order theory " and that of the companies in developed countries, namely ignoring internal financing and having a partiality for stock financing, extremely with the disgust to debt financing
本文通過對我國上市公司1993年至2000年資金來源總體情況和和各年各融資方式所佔比重的統計分析，得出我國上市公司融資順序的特徵：我國上市公司在股市建立不久的1993年至1997年其融資順序為股票融資?銀行貸款?內部積累?債券融資， 1998年以後受各種經濟政策和制度因素的影響其融資順序為銀行貸款?股票融資?內部積累?債券融資。說明我國上市公司在融資過程中表現出與西方經典「融資順序理論」 （ peckingordertheory ）以及發達國家上市公司融資順序相異的「融資偏好悖論」 ，即忽視內部融資，對股權融資極度偏好和對債務融資的厭惡。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。The rational decision maker is assumed to have a clear problem, have no goal conflict, know all options, have a clear preference ordering, keep all preferences constant, have no time or cost constrains, and select a final choice that maximizes his or her economic payoff
理性決策制定者會假設是指一個明確的問題，不存在目標沖突，了解所有的選擇，有明確的優先順序，保持所有偏好不變性，沒有任何時間和費用的限制，選出最終的決策，從而使他或她的經濟利益最大化。The third chapter mainly analyzes, in theoretical and in practical aspects, the most reasonable and the most scientific choice sequence of financing way, then puts forward the proposal that listed companies must raise suitably the percentage of credit financing in financing construction. in addition, this chapter deeply analyzes the causes and the influence of the preference for equity financing
第三章對我國上市公司最優融資方式的選擇順序進行了理論及實證分析，從而提出了我國上市公司應適當增加債權融資的比重這一結論，進而對上市公司股權融資偏好的原因及其影響進行了深入的分析。China is in the development process of socialistic market economy and capital market, and the financial environment, the equity structures and the actual pecking - order are quite different from other developed countries. some particular phenomena exist in china corporate investing - financing decisions, and therefore, there may be some practical obstacles in the perfect applications of some standard financial theories in china corporate finance preference, investment decision and the capital structure optimization
中國正處于社會主義市場經濟體制逐步完善和資本市場快速發展過程中，中國上市公司的融資環境、股權結構和實際融資順序與國外成熟市場存在巨大的差別，公司的投融資聯動決策存在其特有的現象，因此用標準金融的相關理論來研究中國企業的融資偏好和投資問題，指導中國企業的投資、融資和資本結構優化存在著一定的現實障礙。Secondly, author find the relationship between tow - factor and incentive methods, and assume an application model. thirdly, author gather a set of important information which is propitious to analyze the relationship of personality and incentive methods. fourthly, after the analysis of data, we find the order of different personality people favor incentive methods and the order of different incentive methods adapt to personality, then analysis by synthesis
本論文的研究成果主要有以下幾點：一是分析馬斯洛劃分的需要層次與激勵方法的對應關系，並設計需要層次與激勵方法應用模型；二是分析赫爾伯茨劃分的雙因素與激勵方法的對應關系，並設計出雙因素與激勵方法應用模型；三是通過調研得到一組不同人格對激勵方法偏好的重要現實數據；四是通過對數據的分析，得到不同人格對特定激勵方法的偏好順序、不同激勵方法對特定人格的影響順序，運用兩組順序，對人格與激勵方法進行了具有實用價值的綜合分析。Web pages are sometimes offered in more than one language. choose languages for displaying these web pages, in order of preference
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