北京航空航天大学学报(社会科学版) ›› 2016, Vol. 29 ›› Issue (4): 61-74,87.DOI: 10.13766/j.bhsk.1008-2204.2016.0103

• 本期特约专家稿件 • 上一篇    下一篇

中国市场时机效应强化因素实证研究

刘善存, 黄笃学, 荣四维   

  1. 北京航空航天大学 经济管理学院, 北京 100083
  • 收稿日期:2016-03-28 出版日期:2016-07-25 发布日期:2016-07-20
  • 作者简介:刘善存(1964-),男,河北枣强人,教授,博士,研究方向为金融市场微观结构.
  • 基金资助:

    国家自然科学基金资助项目(71371023)

Empirical Study on the Strengthening Factors of Market Timing Effect in China

LIU Shancun, HUANG Duxue, RONG Siwei   

  1. School of Economics and Management, Beijing University of Aeronautics and Astronautics, Beijing 100083, China
  • Received:2016-03-28 Online:2016-07-25 Published:2016-07-20

摘要:

通过合理选择样本区间和引入强化因素对中国证券市场的时机效应进行了检验。结果表明,中国各项法规政策及监管松紧的改变对企业融资结构产生显著的影响,采用股改基本完成以后的样本区间更能反映市场的真实情况。在对投资者需求、盈利能力、偿债能力、股本结构等大量变量进行检验后,发现上市公司的市场时机效应当现金充裕时显著加强,并且在考虑了其他控制变量和相关法规约束后,该结果仍具有稳健性。

关键词: 市场时机, 股权再融资, 强化因素, 融资结构, 股票增发

Abstract:

This paper tests the strengthening factors of market timing effect in Chinese stock market by properly selecting sample intervals and introducing strengthening factors. The results show that the changes of regulation and policy have significant impacts on corporate financing structure especially after the share reform is completed. By testing a large number of variables such as investor demand, profitability, solvency and capital structure, the paper finds that market timing effect of listed companies is significantly strengthened when they have enough cash. The result is robust after taking into account the relevant laws and regulations.

Key words: market timing, equity refinancing, strengthening factors, financing structure, secondary offerings

中图分类号: