Testing The Pecking Order Theory And The Signaling Theory For Farm Business...

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英文文献：Testing The Pecking Order Theory And The Signaling Theory For Farm Businesses-测试啄食顺序理论和农业企业的信号理论
英文文献作者：Zhao, Jianmei,Katchova, Ani L.,Barry, Peter J.
英文文献摘要：
Numerous empirical studies in the finance field have tested many theories for firms?? capital structure. Under the assumption of asymmetric information, the pecking order theory proposes the financing order for farm businesses, which implies a negative relationship between their cash flow and leverage. Meanwhile, the signaling theory suggests a farms' financing strategy, meaning high quality farms prefer to facilitate their capital rising by sending diverse signals to potential lenders. Could these capital structure theories be applied for farm businesses? This paper tests the applicability of the pecking order theory and the signaling theory for farm businesses. The results show that farm businesses not only follow the pecking order theory but also the signaling theory. In addition, unlike corporate firms who can choose high leverage as financing signals, farm businesses mainly depend on their large size and good historical operation records to facilitate investment financing.

金融领域大量的实证研究对企业资本结构理论进行了检验。在信息不对称的假设下，优序理论提出了农业企业的融资顺序，表明农业企业的现金流与杠杆率呈负相关关系。与此同时，信号理论提出了农场的融资策略，即优质农场倾向于通过向潜在贷款方发送不同的信号来促进其资本的增长。这些资本结构理论是否适用于农业企业?本文检验了排序理论和信令理论在农业企业中的适用性。结果表明，农业企业不仅遵循啄食顺序理论，而且遵循信号传导理论。此外，与企业可以选择高杠杆作为融资信号的企业不同，农业企业主要依靠自身的规模和良好的经营历史记录来促进投资融资。

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