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    题名: 融資順位理論之各國比較
    Pecking order theory around the world
    作者: 曾馨儀
    贡献者: 屠美亞
    曾馨儀
    关键词: 融資順位理論
    資金缺口
    pecking order theory
    deficit
    日期: 2006
    上传时间: 2016-05-06 16:36:42 (UTC+8)
    摘要: 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.
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    描述: 碩士
    國立政治大學
    財務管理研究所
    93357014
    資料來源: http://thesis.lib.nccu.edu.tw/record/#G0093357014
    数据类型: thesis
    显示于类别:[財務管理學系] 學位論文

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