Empirical Study on Financing Order of the Listed firms on Small and Medium Enterprise Board in China

摘要

The author regards 2006 fiscal year data of 113 listed firms on small and medium enterprise board as research sample, and analyze financing status of these companies. Drawing the following research conclusion: The listed firms on small and medium enterprise board have a low asset-liability ratio, but their financing order accords with pecking order theory, that is to say, firstly selecting interior fund, secondly bank loan, finally stock financing, and preferring short-term loan of bank loan. The author does some explanations aiming at the research results.