股权再融资的市场时机效应及其对资本结构的影响——基于中国上市公司的实证分析-the market timing effect of equity refinancing and its impact on capital structure an empirical analysis based on chinas listed companies.docxVIP

杭州杭州电子科技大学硕士学位论文IIIIAlit(2006)的研究方法引入 HOT 作为市场时机的指代变量，避免了市值账面比作为市场时机 指标时存在公司成长性的噪音影响，具有较为有力的解释度。同时在已有模型的基础上加入 了控制变量股本结构，对模型进行了修正，使得实证结果更加显著。关键词：市场时机，股权再融资，股权偏好，资本结构IIIIIIABSTRACTSince the MM theory was proposed in 1958, researches of capital structure theory have been a hot topic in the field of Financial Studies. From different views, researchers broaden the assumptions of the MM theory, gradually formed lots of modern capital structure theory systems, just as trade-off theory, agency theory, signaling theory, pecking order theory. In recent years, as some strange phenomenon came about what existing capital theory systems could not explain. Some Scholars started to do research in the new view that Investors have irrational behaviors and the market is not valid. They found that the market conditions have influence in enterprise financing options and capital structure, so they came up with market timing capital structure theory. Stein(1996)Indicated that when the companys share price is overestimated, the company will tend to choose to issue capital stock, and When the stock is undervalued, Companies will opt to buy back stock or debt financing. Baker and Wurgler (2002)study of comprehensively the impact of market timing on the companys capital structure for the first time. They believed that the companys capital structure is the long-term accumulation results of company’s choices based on market timing. As our country was in economic transitional state, stock market developed based on the government - led has a big difference with western stock market. The study based on the status of our country’s stock market found that stocks are overvalued usually and there is long-term equity preference phenomenon in our country. The research whether market timing phenomenon and the market timing have influence on capital structure the stock market in stork market, can provide empirical data from China for market timing theory and enrich our country’s content of market timing s