The Application of Pecking Order Theory in the West and China

• 발행기관: 한국유통과학회
• 저자명: Yu-Xin Sun
• 간행물 정보: 『한국유통과학회 학술대회 논문집』2015년 동계 국제학술대회, 133~135쪽, 전체 3쪽
• 주제분류: 경제경영 > 경제학
• 파일형태: PDF
• 발행일자: 2015.12.24

영문 초록

The pecking order theory in the western developed market economies has been sufficiently validated, but there is "abnormal pecking order" phenomenon in China’s listed companies. The reason is that China’s market economy is imperfect, and the cost of equity is lower. Local government has given a lot of policies and tax incentives, and the cost of equity financing is too low which leads to the result that pecking order can not be achieved. China should follow the appropriate laws and regulations to take the industry regulatory instruments and set industry barriers to some industries. Therefore, several companies whose aggregate demand is relatively optimal can not form oligopoly. Furthermore, we should set the industry barriers to realize a reasonable allocation of resources.

목차

I. The Present Financing Situation in our Country’s Enterprise and the Reasons

2. The Reasons of "Abnormal Financing Optimal Sequence" Phenomenon

II. The Application of Optimal Financing Order Theory in Western Enterprises and its Enlightenment to our Country

III. Countermeasures for our Country’s Enterprise to Realize Optimal Financing Sequence

References

키워드

Financing Pecking Order Financing Costs Allocation of Resources