中文摘要：

以1998年至2006年539家上市公司为研究样本，基于修正的S—M模型，运用面板数据检验了优序融资理论对我国上市公司融资行为的解释力。研究发现，我国上市公司融资时首选股权融资，其次是债务融资，最后选择内部融资，这一结论并不支持优序融资理论。通过进一步分组检验发现，低杠杆和大规模公司的内源融资量与财务赤字呈显著正相关关系，而高杠杆和小规模公司的内源融资量与财务赤字呈显著负相关关系。最后发现，低杠杆公司的债务融资倾向要大于高杠杆公司，大规模公司的债务融资倾向要大于小规模公司。

英文摘要：

With the samples of 531 listed companies from 1998 to 2006, based on the modified S - M model and panel data of 9 years, the paper tries to examine on the interpretable power of the Pecking Order Hypothesis about the financing behavior of the listed companies in China. The paper finds that the financing order is equity financing, debt financing and internal financing. The order is not consistent with the Pecking Order Theory. Further subgroup analyses indicate that internal financial has a significant positive correlation with the financial deficit among the low-leverage and large-scale corporation, and has a significant negative correlation among the high-leverage and small-scale corporation. Finally, the paper also finds that debt financing preference of low- leverage corporation is more than high-leverage corporation＇s, and debt financing preference of large-scale corporation is more than small-scale corporation＇s. The paper provides some useful experience evidence which could help to understand the financing behavior of the listed companies and improve the supervision of capital market in China.