Analyze On Pecking Order Of State-owned Listed Company

Nowadays, the pecking order of state-owned listed company in Chinese capital market is deviated the Pecking order theory. 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.This paper is base on contract theory and modern financial theory, use normative study and field study method to analyze the pecking order of state-owned listed company in China.At first, the paper summarize the theory relate to the pecking order, bringing out the relationship with contract arrangement and pecking order of a company. 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. Through field survey on state-owned listed company, we analyze the economic consequences of going pecking order of state-owned company, and found that the capital employ efficiency and corporate governance in these state-owned listed companies is not improvement. The resource allocation in capital market is inefficiency. 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.