Empirical Study on the Financing Preference Behavior Based on Pecking Order Theory of the Listed Companies in Anhui

This paper selected 2010—2011 annual report panel data as the research objectives.Based on the modified S-M model,and used the STATA statistical tools to study the financing preference.Empirical results found that the financing order was equity financing,debt financing and internal financing.Further analysis indicated that large-scale corporation preferred equity financing compared with small-scale corporation.Finally, the contrary reasons between the financing behavior and the pecking order theory were elaborated and countermeasures were also put forward.