Small and Medium Size Enterprise Financing: A Note on Some of the Empirical Implications of a Pecking Order
Small and Medium Size Enterprise Financing: A Note on Some of the Empirical Implications of a Pecking Order
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中小企业融资：关于融资优先顺序的一些实证意义的说明
DOI：
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发表时间：
2002
期刊：
影响因子：
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通讯作者：
N. Wilson
中科院分区：
文献类型：
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作者：
R. Watson;N. Wilson
不对称信息模型预测的“啄食顺序”，这反映了业主经理的偏好和外部资本供应约束的组合，当内部人知道更多的公司的前景比外人的真实价值。这种融资顺序导致留存收益成为最受青睐的融资来源，其次是债务，最后是向外部发行新股。使用的样本629英国中小企业在1990年至1995年的五年期间，我们发现的证据一致的啄食顺序，保留股权优先于债务。正如预期的那样，在我们的样本中，对于股权集中的公司来说，啄食顺序的证据特别有力。
Asymmetric information models predict a 'pecking order' which reflects a combination of owner-manager preferences and external capital supply constraints whenever insiders know more about the true value of the firm's prospects than outsiders. The pecking order results in retained earnings being the most preferred source of finance, then debt and finally the issue of new shares to outsiders. Using a sample of 629 UK SMEs over the five-year period from 1990 to 1995 we find evidence consistent with a pecking order in which retained equity is preferred over debt. As expected, the evidence of a pecking order was particularly strong in respect of the closely-held firms in our sample.