Testing Static Trade-off Against Pecking Order Models of Capital Structure

This paper tests traditional capital structure models against the alternative of a pecking order model of corporate financing. The basic pecking order model, which predicts external debt financing driven by the internal financial deficit, has much greater explanatory power than a static trade-off本文针对公司融资啄序融资模型（pecking order model）这一备选模型，对传统资本结构模型开展检验。能够预测外部债务融资由内部财务赤字驱动的基础啄序融资模型，其解释力远优于静态权衡模型（static trade-off）。