西方财务理论认为,由于风险和税收的原因,债权资本成本远远低于股权资本。因此,在其他因素一定的情况下,企业筹资应优先考虑债权资本。但实践中却存在着“悖论”现象:基于实证研究的“啄序理论”,留存收益排在债权筹资顺序之前。而这种“悖论”现象完全可以从资本成本的角度得到合理的阐释,是企业理财实践中的理性选择。 Western financial theory that due to the risk and tax reasons, the cost of debt capital is much lower than the equity capital. Therefore, under certain circumstances of other factors, corporate finance should give priority to debt capital. However, there is a phenomenon of “paradox” in practice. Based on the “pecking order theory” of empirical research, the retained earnings come before the order of fund-raising. This “paradox” phenomenon can be reasonably explained from the perspective of capital cost, which is a rational choice in the practice of financial management.