Control Efficiency Factor and Amending on the Pecking Order Theory Model

王鲁平; 马建民

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Control Efficiency Factor and Amending on the Pecking Order Theory Model

更新时间：2025-12-08

- Control Efficiency Factor and Amending on the Pecking Order Theory Model
- Vol. 42, Issue 6, Pages: 760-764(2008)
- 作者机构：
  
  西安交通大学管理学院,西安,710049
- 作者简介：
- 基金信息：
- DOI：
  CLC： F325.24
- Online First：09 June 2008，
  
  Published：2008
- 稿件说明：
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王鲁平, 马建民. Control Efficiency Factor and Amending on the Pecking Order Theory Model[J]. 2008, 42(6): 760-764.
DOI：

王鲁平, 马建民. Control Efficiency Factor and Amending on the Pecking Order Theory Model[J]. 2008, 42(6): 760-764. DOI：

摘要

从代理和信息不对称理论出发

在解析Myers理论和Ross信号学说的基础上

通过引入控制效度因子

描述了企业对管理者的控制程度

建立了新老股东、债权人等利益相关者的目标函数

得到了通用的管理者-股东利益决策模型.通过不同控制效应下的状况分析

从理论上推导并且从经济机理上解释了中国上市企业的融资逆序现象.同时

新模型对于成熟市场的融资选择也有较好的解释能力

特别是当控制效度因子Q=1时

修正后的模型可演化为梅耶斯模型.

Abstract

Based on the Ross signal model and the Myers pecking order theory

and after introducing the concept of control efficiency factors

the control degree that companies put on their managers is described

and an objective function that concerns the benefit-related parties such as new shareholders

old shareholders and creditors is established

and a general decision-making model for managerial leaders and shareholders is proposed. Through analyzing conditions under different control effects

the financing Roget phenomenon existing in the listed companies in China is theoretically deduced and economically explained. The proposed model also gives good interpretation to the financing choices for a mature market; particularly when the control factor

an variation of the new model can actually be converted into the Myers pecking order model.

关键词

Keywords

references

MYERS S C, MAJLUF N S. Corporate financing and investment decisions when firms have information that investors do not have [J].Journal of Financial Economics,1984,13(2):187-221.

KLEIN L S, O'BRIEN T J, PETERS S R. Debt vs. equity and asymmetric information: a review [J].The Financial Reviews, 2002,37(1):317-350.

陆正飞,高强. 中国上市公司融资行为研究:基于问卷调查的分析 [J].会计研究,2003(10):16-24.

LU Zhengfei, GAO Qiang. Research on financial behavior of China list company: the analysis based on questionnaire [J]. Accounting Research,2003(10):16-24.

JENSEN M C, MECKLING W H. Theory of the firm: managerial behavior, agency costs and ownership structure [J]. Journal of Finance Economics, 1976(3):305-360.

岳爱真,王建松. 董事类型结构研究对我国公司治理的启示 [J]. 管理世界,2006(7):154-155.

QIU Aizhen,WANG Jiansong. The inspire of research of director structure on corporate governance[J]. Management World,2006(7):154-155.

田利辉.国有股权对上市公司绩效影响的U型曲线和政府股东两手论 [J].经济研究,2005(10):48-58.

TIAN Lihui. Two hands of the government shareholder and the U curve between government shareholdings and corporate value[J]. Economic Research, 2005(10):48-58.

QI Daqing, WU Woody, ZHANG Hua. Shareholding structure and corporate performance in partially privatized firms: evidence from listed Chinese companies[J]. Pacific-Basin Finance Journal,2000(8):587-610.

Ross S. The determination of financial structure: the incentive-signaling approach [J].Bell Journal of Economics,1977(8):23-40.

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