资本结构与市场择机:中国上市公司横截面数据的证明

Capital Structure and Market Timing: Evidence from Cross-section Data of Chinese Listed Companies

企业的资本结构选择与企业市场价值相关,市场择机理论系统地阐述了二者之间的关系。与以往的研究不同,本文专门针对中国上市公司的横截面数据对市场择机理论的有效性进行了检验。实证研究结果表明,市值-账面比近期的水平横截面差异对资本结构的影响显著,但是市值-账面比的历史变化累计结果对资本结构几乎没有解释力。这说明中国上市公司的融资行为具有短期性倾向。

Capital structure is related to firm market value, and the relation between capital structure and firm value is systematically discussed by the theory of time marketing. Different from previous research, this paper examined the effectiveness of time marketing theory according to the cross--section data of Chinese listed companies. The results of positive study showed that current difference of horizontal cross--section has great influence on capital structure; however, the aggregate change of market--book ratio has almost no explanation on capital structure. Such results demonstrated that the financing behavior of Chinese listed companies has a short--term tendency.