Macroeconomics Conditions,Entrepreneurial Confidence and Corporate Financing Choices
研究了经济周期、信贷风险、信贷配额、股市表现和企业家信心如何影响企业融资选择，发现企业偏好债务融资，且行为符合优序融资理论。
This paper analyzes whether and to what extent business cycle,credit risk,credit quota,stock market performance and entrepreneurial confidence affect corporate financing choices.It is found that corporate financing behavior varies with business cycles.Firms prefer equity to debt when macroeconomic conditions improve, but prefer debt to equity when macroeconomic conditions deteriorate.In addition,when loan quota increases,the probability of equity financing increases.However,default risks are uncorrelated with financing choices.Moreover, when entrepreneurs are more confident about the future prospects of the economy,they will choose debt over equity financing.Overall,the empirical results indicate that firms do not prefer equity financing,and that financing choices are broadly consistent with the pecking order theory but are against the trade-off theory.