{"id":1803,"date":"2024-12-22T11:44:26","date_gmt":"2024-12-22T07:44:26","guid":{"rendered":"https:\/\/eoninvestment.com\/?p=1803"},"modified":"2026-04-19T18:10:02","modified_gmt":"2026-04-19T14:10:02","slug":"pecking-order-theory","status":"publish","type":"post","link":"https:\/\/eoninvestment.com\/ka\/2024\/12\/22\/pecking-order-theory\/","title":{"rendered":"Pecking Order Theory"},"content":{"rendered":"<p class=\"wp-block-paragraph\">\u10e0\u10d0\u10e2\u10dd\u10db \u10e3\u10dc\u10d3\u10d0 \u10db\u10dd\u10d4\u10e0\u10d8\u10d3\u10dd\u10d7 \u10d0\u10e5\u10ea\u10d8\u10d4\u10d1\u10d8\u10e1 \u10e7\u10d8\u10d3\u10d5\u10d0\u10e1 \u10d9\u10d0\u10de\u10d8\u10e2\u10d0\u10da-\u10d8\u10dc\u10e2\u10d4\u10dc\u10e1\u10d8\u10e3\u10e0 \u10d9\u10dd\u10db\u10de\u10d0\u10dc\u10d8\u10d4\u10d1\u10e8\u10d8? Pecking Order Theory&#8230;<br \/><br \/>\u10d7\u10e3 \u10e4\u10d8\u10dc\u10d0\u10dc\u10e1\u10e3\u10e0\u10d8 \u10da\u10d4\u10d5\u10d4\u10e0\u10d4\u10ef\u10d8\u10e1 \u10dd\u10de\u10e2\u10d8\u10db\u10d8\u10d6\u10d0\u10ea\u10d8\u10d8\u10e1 \u10d7\u10d4\u10dd\u10e0\u10d8\u10d0 (Trade-of Theory) \u10de\u10e0\u10d0\u10e5\u10e2\u10d8\u10d9\u10d0\u10e8\u10d8 \u10db\u10e3\u10e8\u10d0\u10dd\u10d1\u10e1, \u10db\u10d0\u10e8\u10d8\u10dc \u10e0\u10d0\u10e2\u10dd\u10db \u10d0\u10e0 \u10ea\u10d3\u10d8\u10da\u10dd\u10d1\u10d4\u10dc \u10db\u10d4\u10dc\u10d4\u10ef\u10d4\u10e0\u10d4\u10d1\u10d8 \u10db\u10d8\u10d6\u10dc\u10dd\u10d1\u10e0\u10d8\u10d5\u10d8 \u10da\u10d4\u10d5\u10d4\u10e0\u10d4\u10ef\u10d8\u10e1 \u10db\u10d8\u10db\u10d0\u10e0\u10d7\u10e3\u10da\u10d4\u10d1\u10d8\u10d7 \u10e1\u10d5\u10da\u10d0\u10e1? \u10e0\u10d0\u10e2\u10dd\u10db \u10d2\u10d0\u10dc\u10e1\u10ee\u10d5\u10d0\u10d5\u10d3\u10d4\u10d1\u10d0 \u10da\u10d4\u10d5\u10d4\u10e0\u10d4\u10ef\u10d8\u10e1 \u10d3\u10dd\u10dc\u10d4\u10d4\u10d1\u10d8 \u10d4\u10e0\u10d7\u10d8\u10d3\u10d0\u10d8\u10db\u10d0\u10d5\u10d4 \u10d8\u10dc\u10d3\u10e3\u10e1\u10e2\u10e0\u10d8\u10d0\u10e8\u10d8 \u10db\u10e7\u10dd\u10e4 \u10d9\u10dd\u10e0\u10de\u10dd\u10e0\u10d0\u10ea\u10d8\u10d4\u10d1\u10e8\u10d8?<br \/><br \/>\u10e1\u10d0\u10d9\u10d4\u10dc\u10d9\u10d8\u10e1 \u10d7\u10d0\u10dc\u10db\u10d8\u10db\u10d3\u10d4\u10d5\u10e0\u10e3\u10da\u10dd\u10d1\u10d8\u10e1 \u10d7\u10d4\u10dd\u10e0\u10d8\u10d0 (Pecking Order Theory) \u10db\u10d4\u10dc\u10d4\u10ef\u10d4\u10e0\u10d4\u10d1\u10d8\u10e1 \u10e5\u10ea\u10d4\u10d5\u10d0\u10e1 \u10e8\u10d4\u10db\u10d3\u10d4\u10d2\u10dc\u10d0\u10d8\u10e0\u10d0\u10d3 \u10ee\u10e1\u10dc\u10d8\u10e1:<br \/><br \/>\u10d7\u10d4\u10dd\u10e0\u10d8\u10d0 \u10d4\u10e7\u10e0\u10d3\u10dc\u10dd\u10d1\u10d0 \u10d8\u10dc\u10e4\u10dd\u10e0\u10db\u10d0\u10ea\u10d8\u10d8\u10e1 &#8220;\u10d0\u10e1\u10d8\u10db\u10d4\u10e2\u10e0\u10d8\u10e3\u10da\u10dd\u10d1\u10d0\u10e1&#8221; \u10db\u10d4\u10dc\u10d4\u10ef\u10d4\u10e0\u10d4\u10d1\u10e1\u10d0 \u10d3\u10d0 \u10d0\u10e5\u10ea\u10d8\u10dd\u10dc\u10d4\u10e0\u10d4\u10d1\u10e1 \u10e8\u10dd\u10e0\u10d8\u10e1. \u10db\u10d4\u10dc\u10d4\u10ef\u10d4\u10e0\u10d4\u10d1\u10e1 \u10d0\u10e5\u10d5\u10d7 \u10db\u10d4\u10e2\u10d8 \u10d8\u10dc\u10e4\u10dd\u10e0\u10db\u10d0\u10ea\u10d8\u10d0 \u10d3\u10d0 \u10db\u10d0\u10d7\u10d8 \u10e5\u10ea\u10d4\u10d5\u10d4\u10d1\u10d8 \u10d8\u10d9\u10d8\u10d7\u10ee\u10d4\u10d1\u10d0 \u10d0\u10e5\u10ea\u10d8\u10dd\u10dc\u10d4\u10e0\u10d4\u10d1\u10d8\u10e1 \u10db\u10ee\u10e0\u10d8\u10d3\u10d0\u10dc \u10d0\u10e0\u10d0\u10de\u10d8\u10e0\u10d3\u10d0\u10de\u10d8\u10e0.<br \/><br \/>\u10d7\u10e3 \u10db\u10d4\u10dc\u10d4\u10ef\u10d4\u10e0\u10d8 \u10d0\u10e0\u10d8\u10e1 \u10dd\u10de\u10e2\u10d8\u10db\u10d8\u10e1\u10e2\u10e3\u10e0\u10d0\u10d3 \u10d2\u10d0\u10dc\u10ec\u10e7\u10dd\u10d1\u10d8\u10da\u10d8, \u10d3\u10d0 \u10e4\u10d8\u10e5\u10e0\u10dd\u10d1\u10e1 \u10e0\u10dd\u10db \u10db\u10d8\u10e1\u10d8 \u10d9\u10dd\u10db\u10de\u10d0\u10dc\u10d8\u10d8\u10e1 \u10d0\u10e5\u10ea\u10d8\u10d4\u10d1\u10d8\u10e1 \u10e4\u10d0\u10e1\u10d8 \u10d3\u10d0\u10d1\u10d0\u10da\u10d8\u10d0 \u10e8\u10d8\u10dc\u10d0\u10d2\u10d0\u10dc \u10e6\u10d8\u10e0\u10d4\u10d1\u10e3\u10da\u10d4\u10d1\u10d0\u10d6\u10d4, \u10db\u10d0\u10e8\u10d8\u10dc \u10d8\u10e1 \u10d8\u10e6\u10d4\u10d1\u10e1 \u10e1\u10d4\u10e1\u10ee\u10e1 \u10d3\u10d0 \u10d0\u10e0 \u10e3\u10e8\u10d5\u10d4\u10d1\u10e1 \u10d0\u10e5\u10ea\u10d8\u10d4\u10d1\u10e1. \u10d7\u10e3 \u10db\u10d4\u10dc\u10d4\u10ef\u10d4\u10e0\u10d8 \u10de\u10d4\u10e1\u10d8\u10db\u10d8\u10e1\u10e2\u10d8\u10d0 \u10db\u10d0\u10e8\u10d8\u10dc, \u10da\u10dd\u10d2\u10d8\u10d9\u10e3\u10e0\u10d0\u10d3, \u10db\u10d0\u10dc \u10e3\u10dc\u10d3\u10d0 \u10d2\u10d0\u10db\u10dd\u10e3\u10e8\u10d5\u10d0\u10e1 \u10d0\u10e5\u10ea\u10d8\u10d4\u10d1\u10d8, \u10db\u10d0\u10d2\u10e0\u10d0\u10db \u10d0\u10db \u10db\u10d4\u10e1\u10d8\u10ef\u10d8\u10d7 \u10e3\u10d0\u10e0\u10e7\u10dd\u10e4\u10d8\u10d7 \u10d2\u10d0\u10d5\u10da\u10d4\u10dc\u10d0\u10e1 \u10db\u10dd\u10d0\u10ee\u10d3\u10d4\u10dc\u10e1 \u10d0\u10e5\u10ea\u10d8\u10d8\u10e1 \u10e4\u10d0\u10e1\u10d6\u10d4, \u10d0\u10db\u10d8\u10e2\u10dd\u10db \u10d8\u10e1\u10d8\u10ea \u10d8\u10e6\u10d4\u10d1\u10e1 \u10e1\u10d4\u10e1\u10ee\u10e1 \u10e1\u10d0\u10dc\u10d0\u10db \u10d4\u10e1 \u10e8\u10d4\u10e3\u10eb\u10da\u10d8\u10d0 (\u10d5\u10d8\u10e6\u10d4\u10d1\u10d7 \u10d1\u10d0\u10d1\u10dd\u10da\u10e1).<br \/><br \/>\u10d0\u10db\u10d8\u10e2\u10dd\u10db \u10db\u10d4\u10dc\u10d4\u10ef\u10d4\u10e0\u10d4\u10d1\u10d8 \u10e3\u10de\u10d8\u10e0\u10d0\u10e2\u10d4\u10e1\u10d0\u10d3 \u10ea\u10d3\u10d8\u10da\u10dd\u10d1\u10d4\u10dc \u10e0\u10dd\u10db \u10d8\u10dc\u10d5\u10d4\u10e1\u10e2\u10d8\u10ea\u10d8\u10d4\u10d1\u10d8 \u10d2\u10d0\u10dc\u10d0\u10ee\u10dd\u10e0\u10ea\u10d8\u10d4\u10da\u10dd\u10dc \u10e8\u10d8\u10dc\u10d0\u10d2\u10d0\u10dc\u10d8 \u10e0\u10d4\u10e1\u10e3\u10e0\u10e1\u10d8\u10d7 (\u10db\u10dd\u10d2\u10d4\u10d1\u10d8\u10d7) \u10d3\u10d0 \u10d7\u10e3 \u10d0\u10e0 \u10d0\u10e0\u10d8\u10e1 \u10e1\u10d0\u10d9\u10db\u10d0\u10e0\u10d8\u10e1\u10d8 \u10db\u10d0\u10e8\u10d8\u10dc \u10e7\u10d5\u10d4\u10da\u10d0 \u10e8\u10d4\u10db\u10d7\u10ee\u10d5\u10d4\u10d5\u10d0\u10e8\u10d8 \u10e1\u10d4\u10e1\u10ee\u10d8\u10e1 \u10d0\u10e6\u10d4\u10d1\u10d0\u10e1 \u10d8\u10ec\u10e7\u10d4\u10d1\u10d4\u10dc&#8230; \u10d0\u10db\u10d8\u10e2\u10dd\u10db \u10d3\u10d0\u10db\u10d0\u10e2\u10d4\u10d1\u10d8\u10d7\u10d8 \u10d9\u10d0\u10de\u10d8\u10e2\u10d0\u10da\u10d8\u10e1 \u10d4\u10db\u10d8\u10e1\u10d8\u10d0\u10db\u10d3\u10d4 \u10e1\u10d0\u10e5\u10db\u10d4 \u10db\u10d8\u10d3\u10d8\u10e1 \u10db\u10d0\u10e8\u10d8\u10dc \u10e0\u10dd\u10ea\u10d0 \u10d1\u10d8\u10d6\u10dc\u10d4\u10e1\u10d8 \u10d3\u10d0\u10e1\u10e2\u10e0\u10d4\u10e1\u10d8\u10e1\u10da\u10d8\u10d0.<br \/><br \/>\u10d4\u10e1 \u10d7\u10d4\u10dd\u10e0\u10d8\u10d0 \u10d0\u10e1\u10d9\u10d5\u10dc\u10d8\u10e1 \u10e0\u10dd\u10db \u10d0\u10e3\u10ea\u10d8\u10da\u10d4\u10d1\u10d4\u10da\u10d8\u10d0 \u10e4\u10d8\u10dc\u10d0\u10dc\u10e1\u10e3\u10e0\u10d8 \u10d1\u10d0\u10da\u10d8\u10e8\u10d8\u10e1 (\u10e5\u10d4\u10e8\u10d8\u10e1) \u10d0\u10e0\u10e1\u10d4\u10d1\u10dd\u10d1\u10d0 \u10db\u10e3\u10d3\u10db\u10d8\u10d5\u10d0\u10d3, \u10e0\u10dd\u10db \u10db\u10dd\u10ee\u10d3\u10d4\u10e1 \u10e1\u10d0\u10d8\u10dc\u10e2\u10d4\u10e0\u10d4\u10e1\u10dd \u10e8\u10d4\u10e1\u10d0\u10eb\u10da\u10d4\u10d1\u10da\u10dd\u10d1\u10d4\u10d1\u10d8\u10e1 \u10d3\u10d0\u10e4\u10d8\u10dc\u10d0\u10dc\u10e1\u10d4\u10d1\u10d0. \u10d7\u10e3 \u10d4\u10e1 \u10d1\u10d0\u10da\u10d8\u10e8\u10d8 \u10d0\u10e0 \u10d8\u10e5\u10dc\u10d4\u10d1\u10d0 \u10db\u10dd\u10ee\u10d3\u10d4\u10d1\u10d0 \u10e1\u10d4\u10e1\u10ee\u10d4\u10d1\u10d8\u10d7 \u10e1\u10e2\u10e0\u10d4\u10e1\u10d8\u10e1\u10d9\u10d4\u10dc\u10e1 \u10e1\u10ec\u10e0\u10d0\u10e4\u10d5\u10d0 \u10d3\u10d0 \u10d1\u10dd\u10da\u10dd\u10e1 \u10d2\u10d0\u10e3\u10e4\u10d0\u10e1\u10e3\u10e0\u10d4\u10d1\u10e3\u10da\u10d8 \u10d9\u10d0\u10de\u10d8\u10e2\u10d0\u10da\u10d8\u10d7 \u10e4\u10e3\u10da\u10d8\u10e1 \u10db\u10dd\u10d6\u10d8\u10d3\u10d5\u10d0&#8230;<br \/><br \/>\u10e4\u10d8\u10dc\u10d0\u10dc\u10e1\u10e3\u10e0 \u10d1\u10d0\u10da\u10d8\u10e8\u10e1\u10d0\u10ea \u10d0\u10e5\u10d5\u10e1 \u10d7\u10d0\u10d5\u10d8\u10e1\u10d8 \u10de\u10e0\u10dd\u10d1\u10da\u10d4\u10db\u10d4\u10d1\u10d8 &#8211; \u10db\u10d4\u10dc\u10d4\u10ef\u10d4\u10e0\u10d4\u10d1\u10d8 \u10e0\u10dd\u10d2\u10dd\u10e0\u10ea \u10ec\u10d4\u10e1\u10d8 \u10ed\u10d0\u10e0\u10d1 \u10e4\u10e3\u10da\u10e1 \u10d0\u10e0\u10d0\u10db\u10d8\u10d6\u10dc\u10dd\u10d1\u10e0\u10d8\u10d5\u10d0\u10d3 \u10ee\u10d0\u10e0\u10ef\u10d0\u10d5\u10d4\u10dc.<br \/><br \/>\u10d9\u10d5\u10da\u10d4\u10d5\u10d4\u10d1\u10d8\u10d7 \u10db\u10d8\u10e6\u10d4\u10d1\u10e3\u10da\u10d8 \u10d3\u10d0\u10e1\u10d9\u10d5\u10dc\u10d4\u10d1\u10d8 &#8211; \u10e0\u10d0 \u10db\u10dd\u10e5\u10db\u10d4\u10d3\u10d4\u10d1\u10e1 D\/(D+E) \u10d9\u10d5\u10d4\u10d7\u10d0\u10d6\u10d4:<br \/><br \/>1. \u10d9\u10dd\u10e0\u10de\u10dd\u10e0\u10d0\u10ea\u10d8\u10d8\u10e1 \u10d6\u10dd\u10db\u10d0 &#8211; \u10d3\u10d8\u10d3 \u10d9\u10dd\u10db\u10de\u10d0\u10dc\u10d8\u10d4\u10d1\u10e1 \u10d3\u10d8\u10d3\u10d8 \u10e1\u10d4\u10e1\u10ee\u10d4\u10d1\u10d8 \u10d0\u10e5\u10d5\u10d7;<br \/>2. \u10db\u10d0\u10e2\u10d4\u10e0\u10d8\u10d0\u10da\u10e3\u10e0\u10d8 \u10d0\u10e5\u10e2\u10d8\u10d5\u10d4\u10d1\u10d8 &#8211; \u10d3\u10d8\u10d3\u10d8 \u10e4\u10d8\u10e5\u10e1\u10d8\u10e0\u10d4\u10d1\u10e3\u10da\u10d8 \u10d0\u10e5\u10e2\u10d8\u10d5\u10d4\u10d1\u10d8 \u10d0\u10e1\u10e2\u10d8\u10db\u10e3\u10da\u10d8\u10e0\u10d4\u10d1\u10e1 \u10db\u10d4\u10e2 \u10e1\u10d4\u10e1\u10ee\u10d4\u10d1\u10e1;<br \/>3. \u10db\u10dd\u10db\u10d2\u10d4\u10d1\u10d8\u10d0\u10dc\u10dd\u10d1\u10d0 &#8211; \u10db\u10d0\u10e6\u10d0\u10da\u10d8 \u10db\u10dd\u10db\u10d2\u10d4\u10d1\u10d8\u10d0\u10dc\u10dd\u10d1\u10d0 \u10d3\u10d0\u10d1\u10d0\u10da\u10d8 \u10e1\u10d4\u10e1\u10ee\u10d4\u10d1\u10d8;<br \/>4. Market-to-book &#8211; \u10e0\u10d0\u10ea \u10db\u10d0\u10e6\u10d0\u10da\u10d8\u10d0 \u10d4\u10e1 \u10db\u10d0\u10e9\u10d5\u10d4\u10dc\u10d4\u10d1\u10d4\u10da\u10d8 \u10db\u10d8\u10d7 \u10d3\u10d0\u10d1\u10d0\u10da\u10d8\u10d0 \u10e1\u10d4\u10e1\u10ee\u10d4\u10d1\u10d8\u10e1 \u10ec\u10d8\u10da\u10d8 \u10d3\u10d0\u10e4\u10d8\u10dc\u10d0\u10dc\u10e1\u10d4\u10d1\u10d0\u10e8\u10d8<br \/><br \/>\u10de.\u10e1.<br \/>\u10e0\u10dd\u10d2\u10dd\u10e0\u10ea \u10e9\u10d0\u10dc\u10e1 \u10d0\u10db \u10d7\u10d4\u10dd\u10e0\u10d8\u10d8\u10e1 \u10eb\u10d0\u10da\u10d8\u10d0\u10dc \u10ef\u10d4\u10e0\u10d0\u10d7 \u10ed\u10d9\u10d5\u10d8\u10d0\u10dc \u10d8\u10dc\u10d5\u10d4\u10e1\u10e2\u10dd\u10e0\u10d4\u10d1\u10e1, \u10e0\u10d0\u10d3\u10d2\u10d0\u10dc \u10d8\u10e1\u10d8\u10dc\u10d8 \u10d4\u10eb\u10d4\u10d1\u10d4\u10dc \u10db\u10d0\u10e6\u10d0\u10da \u10db\u10d0\u10e0\u10df\u10d8\u10d0\u10dc \u10d3\u10d0 \u10d3\u10d0\u10d1\u10d0\u10da \u10d9\u10d0\u10de\u10d8\u10e2\u10d0\u10da-\u10d8\u10dc\u10e2\u10d4\u10dc\u10e1\u10d8\u10e3\u10e0 \u10d9\u10dd\u10db\u10de\u10d0\u10dc\u10d8\u10d4\u10d1\u10e1. \u10d0\u10e1\u10d4\u10d7\u10d8 \u10d9\u10dd\u10db\u10de\u10d0\u10dc\u10d8\u10d4\u10d1\u10d8\u10e1, \u10d3\u10d0\u10e1\u10e2\u10e0\u10d4\u10e1\u10d5\u10d8\u10e1 \u10d0\u10da\u10d1\u10d0\u10d7\u10dd\u10d1\u10d0 \u10d1\u10d4\u10d5\u10e0\u10d0\u10d3 \u10dc\u10d0\u10d9\u10da\u10d4\u10d1\u10d8\u10d0. \u10d0\u10db\u10d0\u10e1\u10d7\u10d0\u10dc \u10db\u10d0\u10e0\u10e2\u10dd \u10db\u10d0\u10e0\u10df\u10d0 \u10e1\u10d0\u10d9\u10db\u10d0\u10e0\u10d8\u10e1\u10d8 \u10d0\u10e0 \u10d0\u10e0\u10d8\u10e1 \u10d8\u10db\u10d8\u10e1 \u10d3\u10d0\u10e1\u10d0\u10dc\u10d0\u10ee\u10d0\u10d3, \u10d0\u10e5\u10d5\u10e1 \u10d7\u10e3 \u10d0\u10e0\u10d0 \u10dd\u10e0\u10d2\u10d0\u10dc\u10d8\u10d6\u10d0\u10ea\u10d8\u10d0\u10e1 \u10d9\u10dd\u10dc\u10d9\u10e3\u10e0\u10d4\u10dc\u10e2\u10e3\u10da\u10d8 \u10e3\u10de\u10d8\u10e0\u10d0\u10e2\u10d4\u10e1\u10dd\u10d1\u10d0. \u10d1\u10e3\u10e6\u10d0\u10da\u10e2\u10e0\u10e3\u10da\u10d8 \u10db\u10d0\u10e0\u10df\u10d0 \u10e8\u10d4\u10e1\u10d0\u10eb\u10da\u10dd\u10d0 \u10d2\u10d0\u10dc\u10de\u10d8\u10e0\u10dd\u10d1\u10d4\u10d1\u10e3\u10da\u10d8 \u10d8\u10e7\u10dd\u10e1 \u10db\u10e1\u10ee\u10d5\u10d8\u10da\u10d8 \u10e1\u10d0\u10ec\u10d0\u10e0\u10db\u10dd\u10dd \u10d0\u10e5\u10e2\u10d8\u10d5\u10d4\u10d1\u10d8\u10e1\u10d0 \u10d3\u10d0 \u10e3\u10eb\u10e0\u10d0\u10d5\u10d8 \u10e5\u10dd\u10dc\u10d4\u10d1\u10d8\u10e1 \u10e4\u10da\u10dd\u10d1\u10d8\u10d7 (\u10e4\u10d8\u10dc\u10d0\u10dc\u10e1\u10e3\u10e0 \u10d0\u10dc\u10d2\u10d0\u10e0\u10d8\u10e8\u10d4\u10d1\u10e8\u10d8 \u10d0\u10e0 \u10e9\u10d0\u10dc\u10e1 \u10d0\u10da\u10e2\u10d4\u10e0\u10dc\u10d0\u10e2\u10d8\u10e3\u10da\u10d8 \u10ee\u10d0\u10e0\u10ef\u10d4\u10d1\u10d8).<br \/><br \/>\u10d0\u10e1\u10d4\u10d7\u10d8, \u10d9\u10d0\u10de\u10d8\u10e2\u10d0\u10da-\u10d8\u10dc\u10e2\u10d4\u10dc\u10e1\u10d8\u10e3\u10e0\u10d8, \u10dd\u10e0\u10d2\u10d0\u10dc\u10d8\u10d6\u10d0\u10ea\u10d8\u10d4\u10d1\u10d8 \u10eb\u10dc\u10d4\u10da\u10d0\u10d3 \u10d8\u10d6\u10e0\u10d3\u10d4\u10d1\u10d8\u10d0\u10dc, \u10e0\u10d0\u10d3\u10d2\u10d0\u10dc \u10d6\u10e0\u10d3\u10d0 \u10db\u10dd\u10d2\u10d4\u10d1\u10d8\u10e1 \u10d3\u10d8\u10d3\u10d8 \u10dc\u10d0\u10ec\u10d8\u10da\u10d8\u10e1 \u10e3\u10d9\u10d0\u10dc \u10e9\u10d0\u10d1\u10e0\u10e3\u10dc\u10d4\u10d1\u10d0\u10e1 \u10db\u10dd\u10d8\u10d7\u10ee\u10dd\u10d5\u10e1&#8230; \u10ec\u10d0\u10e0\u10db\u10dd\u10d8\u10d3\u10d2\u10d8\u10dc\u10d4\u10d7 \u10e0\u10d0 \u10e0\u10d7\u10e3\u10da\u10d8 \u10d8\u10e5\u10dc\u10d4\u10d1\u10d0 \u10d0\u10e1\u10d4\u10d7\u10db\u10d0 \u10dd\u10e0\u10d2\u10d0\u10dc\u10d8\u10d6\u10d0\u10ea\u10d8\u10d0\u10db \u10d2\u10d0\u10d0\u10dd\u10e0\u10db\u10d0\u10d2\u10dd\u10e1 \u10d2\u10d0\u10e7\u10d8\u10d3\u10d5\u10d4\u10d1\u10d8&#8230;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u10ec\u10e7\u10d0\u10e0\u10dd:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Principles of Corporate Finance &#8211; by F. Allen, R. A. Brealey, &#038; S. Myers<\/p>","protected":false},"excerpt":{"rendered":"<p>\u10e0\u10d0\u10e2\u10dd\u10db \u10e3\u10dc\u10d3\u10d0 \u10db\u10dd\u10d4\u10e0\u10d8\u10d3\u10dd\u10d7 \u10d0\u10e5\u10ea\u10d8\u10d4\u10d1\u10d8\u10e1 \u10e7\u10d8\u10d3\u10d5\u10d0\u10e1 \u10d9\u10d0\u10de\u10d8\u10e2\u10d0\u10da-\u10d8\u10dc\u10e2\u10d4\u10dc\u10e1\u10d8\u10e3\u10e0 \u10d9\u10dd\u10db\u10de\u10d0\u10dc\u10d8\u10d4\u10d1\u10e8\u10d8? Pecking Order Theory&#8230; \u10d7\u10e3 \u10e4\u10d8\u10dc\u10d0\u10dc\u10e1\u10e3\u10e0\u10d8 \u10da\u10d4\u10d5\u10d4\u10e0\u10d4\u10ef\u10d8\u10e1 \u10dd\u10de\u10e2\u10d8\u10db\u10d8\u10d6\u10d0\u10ea\u10d8\u10d8\u10e1 \u10d7\u10d4\u10dd\u10e0\u10d8\u10d0 (Trade-of Theory) \u10de\u10e0\u10d0\u10e5\u10e2\u10d8\u10d9\u10d0\u10e8\u10d8 \u10db\u10e3\u10e8\u10d0\u10dd\u10d1\u10e1, \u10db\u10d0\u10e8\u10d8\u10dc \u10e0\u10d0\u10e2\u10dd\u10db \u10d0\u10e0 \u10ea\u10d3\u10d8\u10da\u10dd\u10d1\u10d4\u10dc \u10db\u10d4\u10dc\u10d4\u10ef\u10d4\u10e0\u10d4\u10d1\u10d8 \u10db\u10d8\u10d6\u10dc\u10dd\u10d1\u10e0\u10d8\u10d5\u10d8 \u10da\u10d4\u10d5\u10d4\u10e0\u10d4\u10ef\u10d8\u10e1 \u10db\u10d8\u10db\u10d0\u10e0\u10d7\u10e3\u10da\u10d4\u10d1\u10d8\u10d7 \u10e1\u10d5\u10da\u10d0\u10e1? [&hellip;]<\/p>","protected":false},"author":12998525,"featured_media":1804,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_wpcom_ai_launchpad_first_post":false,"_eon_insights_quality":"","_eon_insights_decision":"","_eon_insights_destination":"","_eon_insights_merge_group":"","_eon_insights_required_changes":"","_eon_insights_start_order":0,"_eon_featured_insight":0,"_eon_insights_map_version":"","_jetpack_hide_featured_image":false,"_jetpack_featured_image_duplicate_dismissed":0,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[774675666,784445672,503653,772049227],"tags":[],"eon_topic":[],"eon_learning_path":[],"eon_collection":[],"eon_level":[],"eon_content_type":[],"eon_source":[],"eon_idea":[784445701,784445703,784445692],"eon_framework":[],"class_list":["post-1803","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-principles-of-corporate-finance-by-f-allen-r-a-brealey-s-myers","category-management-capital-allocation","category-market-efficiency","category-wacc-coc-structure","eon_idea-management-capital-allocation","eon_idea-market-efficiency","eon_idea-wacc-coc-structure"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Pecking Order Theory - Eon Investment<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/eoninvestment.com\/ka\/2024\/12\/22\/pecking-order-theory\/\" \/>\n<meta property=\"og:locale\" content=\"ka_GE\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Pecking Order Theory - Eon Investment\" \/>\n<meta property=\"og:description\" content=\"\u10e0\u10d0\u10e2\u10dd\u10db \u10e3\u10dc\u10d3\u10d0 \u10db\u10dd\u10d4\u10e0\u10d8\u10d3\u10dd\u10d7 \u10d0\u10e5\u10ea\u10d8\u10d4\u10d1\u10d8\u10e1 \u10e7\u10d8\u10d3\u10d5\u10d0\u10e1 \u10d9\u10d0\u10de\u10d8\u10e2\u10d0\u10da-\u10d8\u10dc\u10e2\u10d4\u10dc\u10e1\u10d8\u10e3\u10e0 \u10d9\u10dd\u10db\u10de\u10d0\u10dc\u10d8\u10d4\u10d1\u10e8\u10d8? Pecking Order Theory&#8230; \u10d7\u10e3 \u10e4\u10d8\u10dc\u10d0\u10dc\u10e1\u10e3\u10e0\u10d8 \u10da\u10d4\u10d5\u10d4\u10e0\u10d4\u10ef\u10d8\u10e1 \u10dd\u10de\u10e2\u10d8\u10db\u10d8\u10d6\u10d0\u10ea\u10d8\u10d8\u10e1 \u10d7\u10d4\u10dd\u10e0\u10d8\u10d0 (Trade-of Theory) \u10de\u10e0\u10d0\u10e5\u10e2\u10d8\u10d9\u10d0\u10e8\u10d8 \u10db\u10e3\u10e8\u10d0\u10dd\u10d1\u10e1, \u10db\u10d0\u10e8\u10d8\u10dc \u10e0\u10d0\u10e2\u10dd\u10db \u10d0\u10e0 \u10ea\u10d3\u10d8\u10da\u10dd\u10d1\u10d4\u10dc \u10db\u10d4\u10dc\u10d4\u10ef\u10d4\u10e0\u10d4\u10d1\u10d8 \u10db\u10d8\u10d6\u10dc\u10dd\u10d1\u10e0\u10d8\u10d5\u10d8 \u10da\u10d4\u10d5\u10d4\u10e0\u10d4\u10ef\u10d8\u10e1 \u10db\u10d8\u10db\u10d0\u10e0\u10d7\u10e3\u10da\u10d4\u10d1\u10d8\u10d7 \u10e1\u10d5\u10da\u10d0\u10e1? 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