题目
According to the pecking order theory:
选项
A.new debt is preferable to new equity.
B.new debt is preferable to internally generated funds.
C.new equity is always preferable to other sources of capital.
答案
A
解析
A is correct. According to the pecking order theory, internally generated funds are preferable to both new equity and new debt. If internal financing is insufficient, managers next prefer new debt, then new equity. Managers prefer forms of financing with the least amount of visibility to outsiders.A是正确的。根据优序理论，内部资金比新股本和新债务更可取。如果内部融资不足，经理人接下来会选择发行新债，然后是新股本。经理人更喜欢那些不为外人所知的融资方式。