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Does firms' pecking order vary during large deficits and surpluses? An empirical study on emerging economies

机译：公司的啄食顺序是否在大型赤字和盈余期间变化？新兴经济体的实证研究

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摘要

The present study examines firms (of India and China) with normal as well as large deficits and surpluses. Using an extended model of pecking order theory, the study indicates that Indian and Chinese firms frequently issue debt when have normal deficits. Surprisingly during normal deficiencies, Chinese firms retire debt more frequently vis-a-vis Indian firms due to more reliance on short-term debt. The pecking order results are less supportive for Indian firms with large deficits due to high debt ratios that constrain firms not to issue more debt. In marked contrast, the results are robust for Chinese firms. Firms continue to raise substantial debt even in the situation of high debt ratios. In a surplus situation (with normal surpluses), Indian firms utilise surpluses as well as new debt proceeds to a partial extent to payback existing debt obligations to reduce their debt levels. In contrast, the results are excellent in favour of Chinese firms. During large surplus conditions, the results are extremely poor for Indian firms but weak for Chinese firms. Indian firms retain surpluses and new debt issues for future investment needs. In marked contrast, Chinese firms retain up to 40 per cent of their funds.
机译：本研究审查了正常的赤字和盈余的公司（印度和中国）的公司。使用啄食订单理论的扩展模型，该研究表明，印度和中国公司在具有正常赤字时经常发出债务。令人惊讶的是，在正常的缺陷期间，由于更多对短期债务的依赖，中国企业更频繁地退休债务。由于高债务比率，啄食订单结果对印度公司具有较大的赤字，这使得债务不受债务更多的债务。在标记对比中，结果对中国企业具有强大。即使在高债务比率的情况下，公司也继续提高大量债务。在盈余情况（具有正常盈余）中，印度公司利用盈余以及新的债务在部分程度上进行审计，以应对现有的债务义务，以减少其债务水平。相比之下，结果对中国企业有利。在大剩余条件下，对于印度公司而言，结果对中国企业疲软。印度公司为未来的投资需求保留盈余和新的债务问题。在明显的对比中，中国公司占据了40％的资金。

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