The modern capital structure theory shows that a company ' s financing structure does affect its value , so firms usually raise their finance in pecking order : retained earning refinancing , debt financing , and then external equity financing 现代资本结构理论表明，公司的融资结构确实影响公司价值，公司的融资顺序应遵循优序融资理论，即留存收益优先，债权融资次之，外部股权融资最后。
Then analyze the historical development in finance institution of state - owned enterprise and a serial of contract arrangement in operation , point out that the pecking order of state - owned listed company is mainly affect by contract factor 随后分析了我国国有企业融资制度变迁的过程及现有一系列契约安排对国有上市公司融资行为的影响，得出我国国有上市公司融资顺序主要受契约性因素的影响。
What is the reason lead to this deviation , what economic consequences take by this deviation , how to impulse state - owned listed company choose reasonable pecking order . these questions are the main content we will discuss in this paper 造成国有上市公司融资顺序与理论偏离的原因是什么，这种偏离会带来什么样的经济后果，如何推动我国国有上市公司选择合理的融资顺序，这些问题将是本文研究的重点。
The problem is that like other animals , human beings are hierarchical and peo ; le at the top of the pecking order don ' t tend to like being challenged , says cary cooper , professor of organisational health and psychology at the university of manchester instiute of science and technology 曼彻斯特理工大学机体健康和心理学教授加里.库珀说，问题是人类像其它动物一样也有等级之分，而位居顶层的人往往不喜欢受到指责。
The author firstly briefly introduces donaldson ' s contribution of finding the pecking order , then gives detailed explanation of two classic works in the field by myers and majluf , as well as relevant empirical test articles within china and abroad 本章从donaldson发现公司管理者融资优序选择开始，重点是对myers和majluf的两篇关于优序融资理论的经典论文的阐述，以及国内外的相关实证文章介绍。第二章是本文的重点。
The other is that we calculate the cost of equity financing using the method of average capital cost , which was put forward by modigliani and mille in 1966 . our study shows that listed companies " financing behavior is n ' t consistent with the pecking order theory 其次，从比较股权融资成本和债权融资成本孰低的角度，根据modigliani和mille ( 1966 )的“平均成本法”对同一样本进行实证分析，计算出相应的股权融资成本。
Chapter ii reviews theories which has existed on corporate capital structure and corporate financial decisions , for example , static tradeoff theory , pecking order theory , and agent - principal theory . these views agree on that corporate financing order should be debt financing first , then equity financing 已有企业资本结构和融资理论，无论是静态平衡理论，委托代理理论，还是啄食顺序理论都认为：企业外部融资时应首先选择债权融资后选择股权融资。
With different financing modes , there will be different capital structures . when given a gross financing amount , how a firm choose a reasonable capital structure or financing mode such as bond , stock and bank loan under a rational pecking order according to it ' s target function , cost and income is a hot topic that is focused on by both financial theory and practice 所以在给定企业融资总量时，企业如何依据其目标函数、成本和收益，选择合理的融资结构或融资方式即采取债券融资、股票融资还是银行信贷，并在一定融资顺序( peckingorder )安排下形成合理的融资结构，实现企业市场价值最大化，一直是财务理论和实践中人们十分关注的问题。
