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按照现代资本结构理论,企业融资一般遵循内源融资>债券融资>股权融资的先后顺序,即“啄食顺序理论”(The Pecking order Theory)。但由于发展中国家与发达国家市场化程度不同,特别是经济证券化程度不同及资本市场的发达程度不同,因此不同类型国家企业融资方式和融资顺序是不同的。由于美国企业融资模式和企业的融资顺序较具有代表性,我们着重从美国企业融资的实际来进行分析,并将我国和美国的企业融资顺序进行比较。
According to the modern capital structure theory, corporate finance generally follows the order of internal financing> bond financing> equity financing, that is, “The Pecking order Theory.” However, due to different degrees of marketization in developing countries and developed countries, especially in different degrees of economic securitization and different degrees of development in the capital market, the financing methods and financing sequences of enterprises in different types of countries are different. Due to the more representative of the corporate financing model in the United States and the financing order of the enterprises, we focus on the analysis of the actual corporate financing in the United States and compare the corporate financing arrangements between our country and the United States.