Analysis on Preference Order Selection of Financing Methods of Listed Companies——Evidence from Sichuan Province

Drawing 53 listed companies from Sichuan province during 2006-2010 as samples,this paper empirically analyses the preference order and influence factors of financing selecting methods.The results are opposite to pecking order theory.The financing preference order of listed companies in Sichuan province is short-term debt financing,equity financing,long-term debt financing and internal financing in turn.In which,short-term debt paying capacity,long-term debt paying capacity,assets operation capacity,assets profit capacity,market competition capacity,dividends paying capacity have the different influence on internal financing degree,debt financing degree and equity financing degree.