| IPO市场时机选择与资本结构关系研究——基于中国上市公司面板数据的实证研究 |
| |
| 引用本文： | 胡志强,卓琳玲.IPO市场时机选择与资本结构关系研究——基于中国上市公司面板数据的实证研究[J].金融研究,2008(10). |
| |
| 作者姓名： | 胡志强 卓琳玲 |
| |
| 作者单位： | 武汉大学经济与管理学院; |
| |
| 基金项目： | 教育部人文社会科学基金规划项目“我国首次公开股票发行(IPO)的价格行为与发行制度改革研究”(项目批准号：06JA790086)的研究成果 |
| |
| 摘 要： | 本文以沪深全部上市公司1990～2004年的IPO面板数据,运用多元回归的方法,研究市场时机行为对资本结构的影响及其持续性。研究发现,我国股市明显存在市场时机选择行为,并且对上市公司的资本结构影响显著;公司的历史估值和杠杆水平之间具有显著的负相关性,历史估值每上升一个单位,将引起账面杠杆和市值杠杆分别下降4.87和2.9个单位;进一步研究表明,中国上市公司市场时机对资本结构的影响,可以持续5～8年。
|
| 关 键 词： | 市场时机 资本结构 负效应 |
The Study of IPO Market Timing and Capital Structure:Empirical Study Based on Panel Data of China |
| |
| Hu Zhiqiang Zhuo Linling.The Study of IPO Market Timing and Capital Structure:Empirical Study Based on Panel Data of China[J].Journal of Financial Research,2008(10). |
| |
| Authors: | Hu Zhiqiang Zhuo Linling |
| |
| Abstract: | Based on the observations of IPO panel data of all listed firms in ShangHai and ShenZhen Stock Mar- ket during the year of 1990 to 2004,the paper studies the effect of market timing on the capital structure by multiple regression and concludes as following.First,it is obvious that there is conduct of market timing in the stock market in China,which have significant influence on the capital structure of listed firms.Second,there is a significant negative correlation between the historical evaluation and the ... |
| |
| Keywords: | market timing capital structure negative effect |
| 本文献已被 CNKI 等数据库收录！ |
