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20世纪80年代,Myers(1984)提出了“融资次序理论”(peeking order theory)。该理论认为,随着中小企业发展,融资由内源融资向外部融资转变,由间接融资到直接融资转变;各种融资方式的信息约束条件和向投资者传递的信号是不同的,由此而产生的融资成本及其对企业市场价值的影响也存在差异。这样企业就会根据成本最小化的原则依次选择不同的融资方式,即首先选择无交易成本的内部融资,其次选择交易成本较低的债务融资,而对于信息约束条件最严并可能导致企业价值被低估的股权融资则被排在企业融资顺序的末位。
In the 1980s, Myers (1984) proposed “peeking order theory ”. The theory holds that with the development of small and medium-sized enterprises, the transition of financing from external financing to external financing and from indirect financing to direct financing has changed. The information constraints of various financing modes are different from those transmitted to investors. Thus, The resulting financing costs and their impact on the market value of the business also vary. In this way, different financing methods will be selected according to the principle of cost minimization, ie, the first one is to choose internal financing without transaction cost, the second one is to choose debt financing with lower transaction cost, while the most restrictive information constraint may lead to the enterprise value being Underestimated equity financing is ranked in the bottom of the corporate financing sequence.