市场时机资本结构理论评介
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外国经济与管理 2007 年 第 29 卷第 03 期, 页码：59 - 65
摘要
参考文献
摘要
随着行为公司金融研究的深入,国外学者提出了一种全新的资本结构理论——市场时机资本结构理论。本文重点从市场时机资本结构理论的理论基础,市场时机对公司融资决策和资本结构的影响,以及市场时机资本结构理论引发的争论等方面综述了市场时机资本结构理论的基本结论和研究框架,并展望了该理论的未来研究趋势及对我国资本市场资本配置的启示。
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[18]Kayhan,A,and Titman,S.Firms’histories and their capital structure[J].Journal of Financial Economics,2006,forthcoming.
[19]Hovakimian,Armen.Are observed capital structures determined by equity market timing?[J].Journal of Financial and Quantita-tive Analysis,2006,41:221-243.
[20]Flannery,M,and Rangan,K.Partial adjustment toward target capital structures[J].Journal of Financial Economics,2006,79:469-506.
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[2]Stein,Jeremy C.Rational capital budgeting in an irrational world[J].Journal of Business,1996,69:429-455.
[3]Baker,Malcolm,and Jeffrey Wurgler.Market timing and capital structure[J].Journal of Finance,2002,57:1-32.
[4]Korajczyk,Robert,Deborah Lucas,and Robert McDonald.The effects of information releases on the pricing and timing of equity is-sues[J].Review of Financial Studies,1991,4:685-708.
[5]Bayless,Mark,and Susan Chaplinsky.Is there a window of opportunity for seasoned equity issuance?[J].Journal of Finance,1996,51:253-278.
[6]Graham,John R,and Campbell R Harvey.The theory and practice of corporate finance:Evidence from the field[J].Journal of Fi-nancial Economics,2001,60:187-243.
[7]Baker,Malcolm,and Jeffrey Wurgler.The equity share in new issues and aggregate stock returns[J].Journal of Finance,2000,55:2219-2257.
[8]Chen,L,and Zhao,X.Understanding the role of the market-to-book ratio in corporate financing decisions[R].East Lansing:Michi-gan State University,Working Paper,2004.
[9]Hovakimian,A.The role of target leverage in security issues and repurchases[J].Journal of Business,2004,77:1041-1071.
[10]Huang,R,and Ritter,J R.Testing the market timing theory of capital structure[R].University of Florida,Working Paper,2005.
[11]Alti,A.How persistent is the impact of market timing on capital structure?[J].Journal of Finance,2006,61:1681-1710.
[12]Henderson,B J,Jegadeesh,N,and Weisbach,M S.World markets for raising new capital[J].Journal of Financial Economics,2006,82:63-101.
[13]Mittoo,U R,and Zhang,Zhou.Market timing,capital structure and cross listing:Canadian evidence[R].University of Manitoba,Working Paper,2006.
[14]Bie,T,and Haan,L.Does market timing drive capital structures?A panel data study for Dutch firms[R].Netherlands:De Neder-landsche Bank,Working Paper,2004.
[15]Shyam-Sunder,L,and Myers,S.Testing static tradeoff against pecking order models of capital[J].Journal of Financial Economics,1999,51:219-243.
[16]Fama,E,and French,K.Testing trade-off and pecking order predictions about dividends and debt[J].Review of Financial Studies,2002,15:1-34.
[17]Welch,Ivo.Capital structure and stock returns[J].Journal of Political Economy,2004,112:106-131.
[18]Kayhan,A,and Titman,S.Firms’histories and their capital structure[J].Journal of Financial Economics,2006,forthcoming.
[19]Hovakimian,Armen.Are observed capital structures determined by equity market timing?[J].Journal of Financial and Quantita-tive Analysis,2006,41:221-243.
[20]Flannery,M,and Rangan,K.Partial adjustment toward target capital structures[J].Journal of Financial Economics,2006,79:469-506.
[21]Leary,M,and Roberts,M.Do firms rebalance their capital structures?[J].Journal of Finance,2005,60:2575-2619.
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李小平, 万迪昉, 岳亮. 市场时机资本结构理论评介[J]. 外国经济与管理, 2007, 29(3): 59–65.
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