Testing Pecking Order against Trade-off models of Capital Structure-Evidence from Chinese Listed Companies

摘要：

This paper tests traditional capital structure models against the alternative of a pecking order model of corporate finance in Chinese stock market.We show that,the basic pecking order model,which predicts external debt financing driven by the internal financial deficit,has much greater explanatory power over the capital structure of Chinese listed companies than a static trade-off model.However,the trade-off model has greater explanatory power in explaining the debt maturity structure of firms.

关键词： Capital structure Debt maturity structure Pecking order theory Trade-off theory

作者: Wang,Yang Li,Yanxi Zheng,Chunyan

作者单位: Dalian University of Technology,Dalian,Liaoning,China,116024

会议类型: 国际会议

会议名称: PAN-PACIFIC CONFERENCE XXVI(“战略创新、协作融合泛太平洋管理学会第26届年会)

会议地点: 深圳

会议语种:英文

页码: 424-427

在线出版日期: 2009-06-01（万方平台首次上网日期，不代表论文的发表时间）