摘要
基于资本结构的市场时机选择理论,本文以2006-2010年沪深两市IPO公司为研究对象,建立实证分析模型,研究IPO市场时机选择行为对资本结构的影响。实证结果表明沪市不存在明显的IPO择时行为,而深市较为明显,且此行为对资本结构构有长期影响,但其影响力有限,不及传统因素。
Based on the Market timing theory of capital structure, this paper uses the data of Chinese listed companies which do the IPO from 2006. 6 to 2010. 12 and studies the influence of IPO Market Timing Behavior on Capital Structure. The results reveal that the IPO Market Timing Behavior exists in the stock market of Shenzhen obviously, and the behavior has a long-term effect on capital structure. However the effect of IPO market timing behavior on capital structure is limited.
出处
《兰州交通大学学报》
CAS
2015年第2期61-67,共7页
Journal of Lanzhou Jiaotong University
关键词
择时行为
IPO
资本结构
market timing behavior
IPO
capital structure