| 市场时机对融资工具选择的影响 |
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| 引用本文： | 刘端,陈健,陈收. 市场时机对融资工具选择的影响[J]. 系统工程, 2005, 23(8): 62-67 |
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| 作者姓名： | 刘端 陈健 陈收 |
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| 作者单位： | 湖南大学,工商管理学院,湖南,长沙,410082 |
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| 基金项目： | 国家社会科学基金资助项目（05BJY010）;教育部博士点基金资助项目（20030532012） |
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| 摘 要： | 资本结构是财务决策行为的结果，市场时机通过影响股权融资决策作用资本结构。本文着眼于以市值账面比所量化的市场时机因素对企业融资工具选择的影响，探讨市场时机理论在中国市场上的适用性，分析股票市场价格对中国上市公司融资决策的短期影响。研究表明，市值账面比在中国上市公司的股权融资决策中确实发挥了重要的作用。
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| 关 键 词： | 市场时机 资本结构 |
| 文章编号： | 1001-4098（2005）08-0062-06 |
| 收稿时间： | 2005-06-12 |
| 修稿时间： | 2005-06-12 |
Effect of Market Timing on Financing Implement Selection |
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| LIU Duan,CHEN Jian,CHEN Shou. Effect of Market Timing on Financing Implement Selection[J]. Systems Engineering, 2005, 23(8): 62-67 |
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| Authors: | LIU Duan CHEN Jian CHEN Shou |
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| Abstract: | Capital structure is the outcome of finance decisions in some period of time, and as a result the effects of market timing on equity financing decisions may also play an important role in changes in capital structure. We discuss the applicability of market timing theory stage by stage in China capital market, including the short-term impacts of stock valuations on the financing implement selection. The outcomes indicate that market valuations have momentous effects on equity financing decision of China listed corporations, and the firms with high valuations prefer to issue equity. |
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| Keywords: | Market Timing Capital Structure |
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