Financing pecking order and improvements in China′a listed mining companies

Taking an important place in new capital structure theory centered with asymmetry of information, pecking order theory gains support from relative foreign empirical researches. Capital market in China has taken a shape after two-decade's development, and listed mining companies play a key role in national economy. Financing modes varies according to different features and conditions at different stages of resources exploration, development and production. Therefore, study on application of pecking order theory in listed mining companies has important practical significance.