Financial Structure of Farm Businesses under Imperfect Capital Markets
利用伊利诺伊州农场面板数据，检验了啄序理论和部分调整理论对农场企业财务结构的适用性，发现农场会调整至长期财务目标，但额外融资需求遵循啄序，且信息不对称问题越严重，啄序越明显。
Abstract Recent finance studies have considered whether gaps between a firm's costs of internal and external sources of investment funds, arising from capital market imperfections, influence its investment behavior and funding preferences. This study tests the applicability of the pecking order and partial adjustment theories of financial structure to farm businesses by fitting a set of simultaneous financial equations with farm panel data from Illinois. Model results indicate that Illinois farms adjust to long‐run financial targets for equity, debt, and leasing, but that additional financing needs follow a pecking order that is stronger for farms with greater asymmetric information problems