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自“融资啄序”理论提出以来,众多学者针对中国企业的经验研究存在着很大的争议,既有支持这一理论的文献,也有“股权融资偏好”观点的证据。而从国外已有理论方面来看,高新技术类上市公司由于其自身特点,会更倾向于权益融资。那么中国的情形是否如此呢,本文以沪深两市的物联网板块上市公司为研究样本,实证分析了企业融资方式趋向及其影响因素。基于Order Probit模型的结果,本文发现:中国物联网概念上市公司在融资过程中仍然总体上符合“融资啄序”理论,权益融资方面的成本因素可能阻碍了企业发行新股融资;此外,风险投资的存在对于企业融资方式有显著影响。
Since the introduction of “financing pecking order” theory, many scholars have been very controversial about the empirical research of Chinese enterprises, both in support of this theory and evidence of the preference of equity financing. From abroad, there are theoretical aspects, high-tech listed companies because of its own characteristics, will be more inclined to equity financing. So is the case in China? In this paper, the Shanghai and Shenzhen stock market listed companies as a sample, an empirical analysis of the trend of corporate finance and its influencing factors. Based on the results of the Order Probit model, this paper finds that the listed companies in China’s IoT are still generally in line with the “financing strategy” and the cost of equity financing may hinder the issuance of new shares. In addition, the risk The existence of investment has a significant impact on the way of corporate financing.