| 中国上市公司的融资优序异象与行为金融市场时机理论 |
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| 引用本文： | 阳玉香,谭忠真. 中国上市公司的融资优序异象与行为金融市场时机理论[J]. 湖南科技大学学报(社会科学版), 2006, 9(3): 74-77 |
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| 作者姓名： | 阳玉香 谭忠真 |
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| 作者单位： | 衡阳师范学院,经济与法律系,湖南,衡阳,421008 |
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| 基金项目： | 衡阳师范学院科研基金资助项目(2005B19) |
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| 摘 要： | 我国企业的经济制度和融资环境与国外存在着一定的差异,从而我国上市公司的融资顺序呈现出与西方的“融资优序理论”不同,即先股权融资,再短期债务融资,后长期债务,内源融资比例很低。引进行为金融学中的市场时机理论分析我国上市公司的这种融资优序异象很有价值。
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| 关 键 词： | 上市公司 融资 市场时机 |
| 文章编号： | 1672-7835(2006)03-0074-04 |
| 修稿时间： | 2006-02-06 |
The Abnormal Condition of Pecking Order in Chinese Listed Company and the Behavioral Finance Market Timing Theory |
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| YANG Yu-xiang,TAN Zhong-zhen. The Abnormal Condition of Pecking Order in Chinese Listed Company and the Behavioral Finance Market Timing Theory[J]. journal of hunan university of science&technology, 2006, 9(3): 74-77 |
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| Authors: | YANG Yu-xiang TAN Zhong-zhen |
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| Abstract: | Due to the gap between the Chinese enterprises and those foreign ones in economic system and finance environment,the financing order of China's listed company has its own characteristics different from those of the Western finance priority theory.The characteristics include firstly stock financing,then short-term debt financing,and then long-term debt financing,and the proportion of the capital coming inner companies is very slow.The paper attempts to analyze the abnormal condition of pecking order of listed companies in China with the market timing theory in behavioral finance study. |
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| Keywords: | listed company financing market timing |
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