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Since the nineties of 20th century, the Pecking Order Theory becomes the important theoretical basis for empirical research about corporate finance, but so far there is no uniform conclusion about this subject.With the developing of market-oriented economy, as the most dynamic part in the group, SMEs have become increasingly prominent to the total economy, promoting employment, increasing tax revenue, etc. But SMEs are not optimistic about their environment, which is faced with many problems, such as the financing bottleneck.This paper focuses on pecking order of SMEs in order to analyze the influence factors. The regression results showed that small board listed companies basically follow the framework of Pecking Order Theory, that is, "the internal source first, then debt and finally equity" when meeting with financing gap; This article goes on with the subject from three perspectives:the corporate financing needs, financing capability and objective financing environments to explain the financial practice and get the conclusions:because of limited market-oriented economy, enterprises financial needs depend on not only financial capacity of enterprises, but also subject to external financing constraints, such as high threshold of direct financing, bond market development lagging behind, imperfect system of bank loans and other external financing environment constraints. In response to these financial constraints, this paper presents some specific recommendations to ease the financial problems of SMEs.
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