美國公司的融資實務以內部資金為最佳選擇，如須向外融資則舉債又較發行新股普遍。本文從資訊不對稱、代理理論及企業策略的觀點，探討公司的融資實務。相關文獻的結論均支持實務界的融資順位現象。本研究以國內公司為對象，分別從個體、產業別及總體的角度，分析公司的融資行為，所得到的結果亦支持融資順位理論。

It is common practice in the United States that a firm would internal equity rather than external capital to finance its investment. When intenal fund is not enough, the firm prefers using debt to issuing new shares of stock. This paper first surveys the related literature of asymmetric information, agency theory and business strategy, then concludes that the current financial theory supports this ”pecking order” characterization of capital structure. This paper also studies the financing behavior of Taiwanese firms and shows that the empirical findings in Taiwan are consistent with the pecking order theory.