| Summary: | 碩士 === 雲林科技大學 === 財務金融系碩士班 === 98 === When a company is in financial constraints case, the companies overall business strategic consideration of the financing will take different actions in response to its future capital requirements. Therefore, it is financial constraints of the company have found pecking order phenomenon, in the past of the research is not directly confirm this point of view, but was similar to financial constraints the company more in line with the pecking order theory of argument, this study from 1999 to 2008 of 10 years, Taiwan publicly traded companies as the sample, dividend, debt ratio, credit ratings and interest coverage ratio and other variables in the four categories, distinguishing between financial and non-financial constraints limit the company, and to analyze the behavior of the existence of financing pecking order phenomenon, and in view of future financial constraints to see relations between the company and change the pecking order. The results show that financial constraints and restrictions on non-financial companies are in conformity with pecking order theory, but financial constraints in this study, companies inclined to meet the pecking order phenomenon, that is, financial constraints facing the company more in line with the pecking order theory.
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