市场时机对融资工具选择的影响被引量：31

Effect of Market Timing on Financing Implement Selection

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摘要资本结构是财务决策行为的结果,市场时机通过影响股权融资决策作用资本结构。本文着眼于以市值账面比所量化的市场时机因素对企业融资工具选择的影响,探讨市场时机理论在中国市场上的适用性,分析股票市场价格对中国上市公司融资决策的短期影响。研究表明,市值账面比在中国上市公司的股权融资决策中确实发挥了重要的作用。 Capital structure is the outcome of finance decisions in some period of time, and as a result the effects of market timing on equity financing decisions may also play an important role in changes in capital structure. We discuss the applicability of market timing theory stage by stage in China capital market, including the short-term impacts of stock valuations on the financing implement selection. The outcomes indicate that market valuations have momentous effects on equity financing decision of China listed corporations, and the firms with high valuations prefer to issue equity.

作者刘端陈健陈收

机构地区湖南大学工商管理学院

出处《系统工程》 CSCD 北大核心 2005年第8期62-67,共6页 Systems Engineering

基金国家社会科学基金资助项目(05BJY010) 教育部博士点基金资助项目(20030532012)

关键词市场时机资本结构 Market Timing Capital Structure

分类号 F830 [经济管理—金融学]

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参考文献15

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