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peck order

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peck order 【生物學】禽鳥強弱次序；社會等級。

【生物學】禽鳥強弱次序；社會等級。 “peck“ 中文翻譯：   vt. 1.啄；啄起，啄穿；啄成；啄掘；啄壞。 2.(用 ...“order“ 中文翻譯：   n. 1.次序，順序；整齊；(社會)秩序，治安；狀況，常 ...“peck-order“ 中文翻譯：   禽群等級,啄食順序“no-peck“ 中文翻譯：   adj. 〔美俚〕防窺視的。 “peck“ 中文翻譯：   n. 1.配克〔英美干量單位，等于八夸脫〕。 2.多量，很多。 a peck of troubles 很多麻煩。 vt. 1.啄；啄起，啄穿；啄成；啄掘；啄壞。 2.(用尖頭工具)鑿，琢。 3.〔口語〕匆匆忙忙地[一點一點地]吃；〔戲謔語〕急吻一下。 vi. 1.啄；鑿，琢。 2.一點一點地吃。 3.找岔子 (at)。 4.〔俚語〕扔(石頭等) (at)。 peck at 1. 啄。 2. 說…閑話，找…的岔子。 peck out 1. 啄出。 2. 用食指按打字機的鍵打字〔多為美國記者的工作方式〕。 n. 1.啄。 2.啄痕；啄出的洞。 3.〔俚語〕食物；〔戲謔語〕輕吻。 4.〔俚語〕扔石頭；找岔子。 5.〔美俚〕匆忙吃(點東西)。 off one's peck 失去胃口。 peck and perch 〔俚語〕吃和住。 “a peck of trouble“ 中文翻譯：   一大堆麻煩, 很多困難“a peck of troubles“ 中文翻譯：   一大堆麻煩, 很多困難“bird peck“ 中文翻譯：   鳥喙紋“bird-peck“ 中文翻譯：   鳥啄紋; 鳥喙紋“danielle peck“ 中文翻譯：   達尼埃爾佩克“drill peck“ 中文翻譯：   尖嘴擊; 鉆孔啄“fort peck“ 中文翻譯：   佩克堡“gregore peck“ 中文翻譯：   葛雷哥萊畢克“gregory peck“ 中文翻譯：   格雷戈里 佩克; 格利戈利; 派克“josh peck“ 中文翻譯：   喬希・佩克“peck and hale“ 中文翻譯：   疊架捆貨法“peck cutter“ 中文翻譯：   飼料鍘碎機“peck drill“ 中文翻譯：   啄式鉆; 啄鉆“peck drilling“ 中文翻譯：   啄鉆“peck iff“ 中文翻譯：   佩克斯列夫式的“peck iffian“ 中文翻譯：   偽善的“peck tests“ 中文翻譯：   佩克氏試驗“peck-right“ 中文翻譯：   啄擊權“baey lian peck (dr)“ 中文翻譯：   馬連璧博士（新加坡肅毒協會會長）“bird-peck needling“ 中文翻譯：   雀啄法

The other is that we calculate the cost of equity financing using the method of average capital cost , which was put forward by modigliani and mille in 1966 . our study shows that listed companies “ financing behavior is n ' t consistent with the pecking order theory 其次，從比較股權融資成本和債權融資成本孰低的角度，根據modigliani和mille ( 1966 )的“平均成本法”對同一樣本進行實證分析，計算出相應的股權融資成本。

The empirical result shows the exist of equity financing preference of listed companies , which is far from the “ pecking order theory “ of financing in mature capital market 本文通過用大量的數據對我國上市公司資本結構進行了實證分析，證實了我國上市公司股權融資偏好顯然存在。

This article tries to analyze the “ quanqian “ activities of the listing companies and aims to offer a demonstration of the pecking order theory in the capital structure theory 本文結合國內上市公司的“圈錢”現象，對資本結構理論中的優序融資理論進行實證分析。

The other is that we calculate the cost of equity financing using the method of average capital cost , which was put forward by modigliani and mille in 1966 . our study shows that listed companies “ financing behavior is n ' t consistent with the pecking order theory 其次，從比較股權融資成本和債權融資成本孰低的角度，根據modigliani和mille ( 1966 )的“平均成本法”對同一樣本進行實證分析，計算出相應的股權融資成本。

The empirical result shows the exist of equity financing preference of listed companies , which is far from the “ pecking order theory “ of financing in mature capital market 本文通過用大量的數據對我國上市公司資本結構進行了實證分析，證實了我國上市公司股權融資偏好顯然存在。

This article tries to analyze the “ quanqian “ activities of the listing companies and aims to offer a demonstration of the pecking order theory in the capital structure theory 本文結合國內上市公司的“圈錢”現象，對資本結構理論中的優序融資理論進行實證分析。

pecker

With different financing modes , there will be different capital structures . when given a gross financing amount , how a firm choose a reasonable capital structure or financing mode such as bond , stock and bank loan under a rational pecking order according to it ' s target function , cost and income is a hot topic that is focused on by both financial theory and practice 所以在給定企業融資總量時，企業如何依據其目標函數、成本和收益，選擇合理的融資結構或融資方式即采取債券融資、股票融資還是銀行信貸，并在一定融資順序( peckingorder )安排下形成合理的融資結構，實現企業市場價值最大化，一直是財務理論和實踐中人們十分關注的問題。

Chapter ii reviews theories which has existed on corporate capital structure and corporate financial decisions , for example , static tradeoff theory , pecking order theory , and agent - principal theory . these views agree on that corporate financing order should be debt financing first , then equity financing 已有企業資本結構和融資理論，無論是靜態平衡理論，委托代理理論，還是啄食順序理論都認為：企業外部融資時應首先選擇債權融資后選擇股權融資。

The other is that we calculate the cost of equity financing using the method of average capital cost , which was put forward by modigliani and mille in 1966 . our study shows that listed companies “ financing behavior is n ' t consistent with the pecking order theory 其次，從比較股權融資成本和債權融資成本孰低的角度，根據modigliani和mille ( 1966 )的“平均成本法”對同一樣本進行實證分析，計算出相應的股權融資成本。

The author firstly briefly introduces donaldson ' s contribution of finding the pecking order , then gives detailed explanation of two classic works in the field by myers and majluf , as well as relevant empirical test articles within china and abroad 本章從donaldson發現公司管理者融資優序選擇開始，重點是對myers和majluf的兩篇關于優序融資理論的經典論文的闡述，以及國內外的相關實證文章介紹。第二章是本文的重點。

The problem is that like other animals , human beings are hierarchical and peo ; le at the top of the pecking order don ' t tend to like being challenged , says cary cooper , professor of organisational health and psychology at the university of manchester instiute of science and technology 曼徹斯特理工大學機體健康和心理學教授加里.庫珀說，問題是人類像其它動物一樣也有等級之分，而位居頂層的人往往不喜歡受到指責。

What is the reason lead to this deviation , what economic consequences take by this deviation , how to impulse state - owned listed company choose reasonable pecking order . these questions are the main content we will discuss in this paper 造成國有上市公司融資順序與理論偏離的原因是什么，這種偏離會帶來什么樣的經濟后果，如何推動我國國有上市公司選擇合理的融資順序，這些問題將是本文研究的重點。

Then analyze the historical development in finance institution of state - owned enterprise and a serial of contract arrangement in operation , point out that the pecking order of state - owned listed company is mainly affect by contract factor 隨后分析了我國國有企業融資制度變遷的過程及現有一系列契約安排對國有上市公司融資行為的影響，得出我國國有上市公司融資順序主要受契約性因素的影響。

The modern capital structure theory shows that a company ' s financing structure does affect its value , so firms usually raise their finance in pecking order : retained earning refinancing , debt financing , and then external equity financing 現代資本結構理論表明，公司的融資結構確實影響公司價值，公司的融資順序應遵循優序融資理論，即留存收益優先，債權融資次之，外部股權融資最后。

So the corporation in china has the special character , which may lead to the difference . opposite to the pecking order theory in mature financial market , our listed corporations have the preference of the stock financing 所以我國上市公司融資行為既有上市公司融資行為的一般特征,又有現實環境所造就的特殊行為特征,導致我國上市公司融資行為與西方融資理論可能存在相悖之處。

In the end of paper we point out must reform the going contract arrangement confront by the state - owned listed company , impulse the state - owned listed company choose reasonable pecking order , and bringing out some relative suggestion 文章最后指出需要通過改革和完善國有上市公司所面對的一系列內外部契約安排，來促使國有上市公司選擇合理的融資順序，并提出了相關的政策建議。

Having enjoyed his most productive spell as a united player over the past four months , he is hoping to secure his place in the france squad for the world cup finals , having overtaken djibril ciss , the liverpool forward , in the pecking order 過去的4個月是他在曼聯最高產的一段時間，他希望能擊敗利物浦前鋒西塞保住自己的法國隊的位置來征戰世界杯。

One is that we investigate a sample of 87 listed companies between 2000 and 2002 using a binary logit model and a multinomial logit model to determine if they follow the pecking order 首先，運用logit回歸模型對樣本公司2000年? 2002年的融資行為是否符合優序融資理論進行實證檢驗。實證結果表明，我國上市公司的融資選擇與優序融資理論不符。

The results suggest that the capital structures of our listed corporations are different comply from those of developed countries , which imply the relevance of abnormal pecking order 結果表明，我國上市公司的資本結構與發達國家之間存在很大的差別，而與大多數發展中國家相一致，表現出強烈的異常融資優序。