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煤炭上市公司是煤炭生产和供应的主体,研究其融资选择行为关系到公司持续经营和煤炭行业的稳定发展。借鉴国内外优序融资理论实证研究的成果,构建融资优序面板数据实证模型,以2005—2009年煤炭类上市公司面板数据为样本,对煤炭类上市公司的内源融资和外源融资、债务融资和股权融资优序行为进行实证研究。结果显示,该类公司融资行为遵循内源融资—外源融资、债务融资—股权融资的融资次序,公司并不具有股权融资偏好特征。
Coal-listed companies are the main body of coal production and supply. Studying the financing choice behavior has a bearing on the sustainable operation of the company and the stable development of the coal industry. Draw lessons from the empirical research results of domestic and foreign priority order financing theory and construct an empirical model of financing order panel data. Taking the panel data of coal listed companies from 2005 to 2009 as a sample, this paper analyzes the internal and external financing of coal listed companies, Empirical research on the preferential order of financing and equity financing. The results show that the corporate financing behavior follows the financing order of internal financing - external financing, debt financing - equity financing, and the company does not have the preference characteristics of equity financing.