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| 研究生： |
曾馨儀 |
|---|---|
| 論文名稱： |
融資順位理論之各國比較 Pecking order theory around the world |
| 指導教授： | 屠美亞 |
| 學位類別： |
碩士
Master |
| 系所名稱： |
商學院 - 財務管理學系 Department of Finance |
| 論文出版年： | 2006 |
| 畢業學年度： | 94 |
| 語文別： | 英文 |
| 論文頁數： | 55 |
| 中文關鍵詞： | 融資順位理論 、資金缺口 |
| 外文關鍵詞： | pecking order theory, deficit |
| 相關次數： | 點閱：228 下載：46 |
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Pecking order theory is an important theory in explaining companies’ financing policies. Most previous research works focused on individual country. In our research, we compared the degree to which the pecking order theory is followed in countries worldwide and determined the main macro factors that cause the difference. We use the pecking order coefficient, an indicator meaning that how much of one dollar of external fund will be financed by issuing debt, to measure the degree how firms follow the pecking order in each country. The evidence shows that law enforcement and accounting quality are important determining factors. That is, firms in countries with a stricter law enforcement and higher accounting quality can use more equity because the problems of information asymmetry are less evident. Besides, development of stock market also determines firms’ financing decisions. The stock market serves as a source of fund and facilitates the obtaining of information. Thus, firms in a well-development stock market will use more equity and follow the pecking order to a lesser extent.
1.Introduction 3
2.Literature review 6
2.1 Pecking order of financing choices 6
2.2 Legal protection and law enforcement 10
2.3 Accounting quality 12
2.4 Ownership concentration 14
2.5 Capital market development 15
3.Data and methodology 17
3.1 Data sources and sample 17
3.2 Methodology and variable definition 18
3.3 Hypothesis 25
4.Empirical results 29
4.1 Descriptive statistics 29
4.2 Pecking order coefficient--panel data regression approach 32
4.3 Relation between country--level variables and pecking order coefficient 35
4.4 Pecking order coefficient—regression approach 41
5.Conclusion 44
5.1 Results 44
5.2Limitation and further research 45
Reference 46
Appendix 49
Table Contents
Table 3.2.1 Variable definitions and sources 22
Table 3.3.1 Expected effect of each variable 28
Table 4.1.1 The countries and firms included in the study 30
Table 4.1.2 Firms’ characteristics 31
Table 4.2.1 Wilconxon rank sum test and t test of the pecking order coefficients 34
Table 4.3.1 Correlation matrix—panel data approach 36
Table 4.3.2 Relation between pecking order coefficient and country-level factors 40
Table 4.4.1 Correlation matrix—regression approach 42
Table 4.4.2 Relation between pecking order coefficient and country-level factors 43
Table A.1 Legal protection of countries 49
Table A.2 Law enforcement 50
Table A.3 Accounting quality and ownership 51
Table A.4 Capital market development 52
Table A.5 Pecking order coefficient—the panel data regression approach 53
Table A.6 Pecking order coefficient—the regression approach 54
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