【摘要】 以1991-2002年深市上市公司为研究样本,分析中国上市公司融资决策是否存在时机选择现象。实证发现:(1)中国上市公司存在时机选择的现象;(2)外部融资减少时存在时机选择的持续性影响;(3)外部融资增加时无持续性影响。之所以出现第三种情况,主要原因有:我国上市公司股权融资受到政策的约束;而政策不具连贯性,变动幅度较大。同时,许多公司上市后业绩较差,很难达到股权再融资的要求,外部融资增加大多依赖于债权融资。更多还原

【Abstract】 In this paper,we select listed firms in Shenzhen Stock Exchange Marketing during 1991—2002 as samples and study whether listed firms’ financing decision depends on timing and the effect of timing is persistent in China.We find as follows:listed firms’ financing decisions have timing phenomena;when the external financing decreases,the effect of market timing is persistent;when the external financing increases,there is no persistent effect,and why?It mostly because: listed firms in China have the preference of equity financing,which have the policy’ constraints,and the policy is often to be changed.Many firms’ performance is bad and they can’t reach the standard of equity financing,so they depend on the debt financing.更多还原