A Comparison of the Financing Structure Between State-Owned Listed Companies and Non-State-Owned Listed Companies——Taking the Listed Companies in the West as an Example

According to Myers's Pecking Order,the preferred order of financing are: internal financing,debt financing and equity financing.But a large number of empirical results show that the financing order of listed companies in China is inconsfistent with the Pecking Order,equity financing preference is existed generally.This paper chose the listed companies,in the west as an example,compared the differences of financing structure between state-owned listed companies and non-state-owned listed companies.The results show that state-owned listed companies prefer to debt financing because of their lending capacity;and non-state-owned listed companies prefer to internal financing for their profitability.