The Order of Ezternal Financing of Enterprise Based on Financing Environment in China and Corporate Governance

摘要：

Pccking Order Theory thinks that under the conditions of the perfect mechanism of financial markets the order of corporate finance is: internal financing, debt financing, issuing stocks. And the imperfection of financial markets determines that the financing order of enterprise in China is different from the Pecking Order Theory. Based on the specificity of internal and external environment of corporate finance in China, the paper obtains the conclusion that the order of external financing of enterprise in China is: equity financing, bank loans, and bond financing. With the further development of financial markets and the continuous improvement of corporate governance mechanisms, corporate financing will mainly take into account the factors of the market, the current distorted order of enterprise financing in China will be greatly changed.

关键词： pecking order theory financing environment ezternal financing corporate governance

作者: DONG Fenyi

作者单位: College of Information and Management Science, Henan Agricultural University, Zhengzhou, China,450002

会议类型: 国际会议

会议名称: The 5th International Sympsium for Corporate Governance(第五届公司治理国际研讨会)

会议地点: 天津

会议语种:英文

页码: 1092-1099

在线出版日期: 2009-09-01（万方平台首次上网日期，不代表论文的发表时间）