我国上市公司融资时机选择行为效应实证研究

本文以我国上市公司的财务数据构建研究样本,对上市公司在资本市场融资的市场时机选择行为及其近期效应和持续效应进行实证研究。分析结果表明:样本期内我国上市公司确实存在着权益融资市场时机选择行为,这一行为不但在短期内显著影响公司的资本结构,而且其效应还将持续一个较长的时期,主要表现是市场价值波动触发公司进行市场时机选择,由此就使得公司在资本市场中各历史年份的表现与其当前资本结构具有较强的相互关系。正是基于上述效应,从长期来看,公司资本结构是公司过去在资本市场时机选择的累积结果。

This paper, based on the financial data of the listed firms in China, tries to make an empirical study of the market timing in capital market as well as its short - term and long - term effects. The study shows that market timing does exist in those listed firms during the sample period, and its effects will last for long. The fluctuation of market values will trigger market timing, thus enhancing the correlation between the firms＇ financial behaviors on capital market and their current capital structures. The paper concludes that from a long- term perspective, the listed firms＇ current capital structures are the result of accumulation of the previous market timing behaviors.