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  被引量:43

The Study of IPO Market Timing and Capital Structure:Empirical Study Based on Panel Data of China

在线阅读下载全文

作  者:胡志强[1] 卓琳玲[1] 

机构地区:[1]武汉大学经济与管理学院,湖北武汉430072

出  处:《金融研究》2008年第10期136-149,共14页Journal of Financial Research

基  金: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。Based on the observations of IPO panel data of all listed finns in ShangHai and ShenZhen Stock Market 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 leverage of a firm. With every unit the historical evaluation of a firm goes up, the book leverage and market leverage would go down for 4. 87 units and 2. 9 units respectively. Further investigation shows that the influence of market timing to listed firms in China would last for 5 - 8 years.

关 键 词:市场时机 资本结构 负效应 

分 类 号:F275[经济管理—企业管理]

 

参考文献:

正在载入数据...

 

二级参考文献:

正在载入数据...

 

耦合文献:

正在载入数据...

 

引证文献:

正在载入数据...

 

二级引证文献:

正在载入数据...

 

同被引文献:

正在载入数据...

 

相关期刊文献:

正在载入数据...

相关的主题
相关的作者对象
相关的机构对象