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英语翻译The Pecking Order Theory (Myers,1984 and Myers and Majlu

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英语翻译
The Pecking Order Theory (Myers,1984 and Myers and Majluf,1984) predicts that firms characterized
by asymmetric information will tend to use the least information sensitive financing options available to
them before turning to other options which may be mispriced by the market.Boot and Thakor (1993)
show that value can be added in splitting an asset into two separate securities; one informationally
sensitive,the other less so.In this study,I investigate whether the distinct information characteristics of
AR increases the likelihood of using AR as a tool in financing when information asymmetry between
firm’s management and outsiders increases.
优序融资理论(迈尔斯,1984年,迈尔斯和麦吉罗夫,1984年)预测,企业特点
信息不对称往往会使用最少的信息敏感的融资方案
他们之前,这可能被市场错误定价的其他选项.引导和Thakor(1993)
表明该值可以分裂成两个独立的证券资产,一个信息
敏感,其他较少.在这项研究中,我探讨是否不同的信息特征
AR增加作为融资工具的使用AR的可能性时之间的信息不对称
公司的管理和外人增加.