Contracting with western traditional pecking order theory, Chinese listed companies prefer equity financing obviously.

与西方传统的融资优序理论相比，我国存在明显的股权融资偏好。

The phenomenon that China corporations prefer equity financing can hardly be unpuzzled by traditional pecking order theory.

公司偏好股权融资的现象已经不能用传统的融资优序理论来解释。

The financial practice of the listed companies which always prefer stock issue to loans and bonds contradicts with the pecking order theory.

并且将财务理论中关于成本、风险和收益的权衡理论引入对资本结构选择和公司治理结构选择的分析中来。