市场时机选择行为与公司融资行为

发布时间：2019-04-12 11:22

【摘要】：近几年，随着现代公司资本结构理论的研究与发展，西方学者从全新的角度研究公司资本结构问题。许多西方学者以MM理论为基础，逐步放宽理论假设，从多个角度探索研究公司资本结构问题，发展出权衡理论、代理理论、优序融资理论等。西方学者发现许多上市公司都倾向于在公司股票被高估或股票市场价格整体处于上涨趋势时实施股权再融资政策增发公司股票，相反，在公司股票被低估或是股票市场价格整体处于下跌趋势时选择回购公司股票。西方学者尝试从行为金融学的角度出发，提出股权融资的市场时机假设(Equity marketingtiming)，当公司股票被高估时，公司管理层增发公司股票，当公司股票被低估时，公司管理层回购公司股票，认为资本结构是公司过去进行股权融资时机选择累积的结果，市场时机选择理论解释了公司资本结构的形成。目前，资本市场非有效的前提下，资产定价与真实价值之间的偏差对公司融资决策和公司资本结构的影响，已成为行为金融学的重要研究领域。我国资本市场自上世纪八十年代建立至今，仅有几十年，时间较短，社会主义市场经济体制也在不断完善过程中，中国上市公司所处的融资环境、上市公司的股权结构、上市公司融资方式和上市公司融资决策与国外成熟资本市场存在较大的差异。资本市场投机性较强，市场发展不成熟，用基于市场有效的假定来研究中国企业的投融资问题，指导中国企业的投资与融资都存在一定的现实差距。本文针对我国非有效资本市场的特点，围绕股票市场投资者对上市公司股票非理性估价，以我国A股股票市场2000年到2010年间，，实施配股和增发股权再融资的上市公司为研究对象，深入研究我国A股上市公司融资和投资决策、市场时机效应以及市场时机效应对上市公司资本结构影响等，具有非常重要的现实意义和理论价值。在文章结构安排上，在阐述理论研究背景和研究意义的基础上，回顾了国内与国外企业融资的相关理论和文献。在文章的第三章，根据对相关融资理论的分析与总结，描述了实证研究的变量设计与研究模型设计。接下来的第四章，对我国A股市场2000年到2010年间，实施配股和增发股权再融资的上市公司数据样本进行回归分析。最后一章，在第四章回归结果的基础上，得出结论并提出相应的政策建议。
[Abstract]:In recent years, with the research and development of modern corporate capital structure theory, western scholars have studied the problem of corporate capital structure from a new angle. On the basis of MM theory, many western scholars gradually relax the theoretical assumptions, explore the problem of corporate capital structure from many angles, and develop the tradeoff theory, agency theory, optimal order financing theory and so on. Western scholars have found that many listed companies tend to implement the equity refinancing policy when the stock is overvalued or the stock market price is on the upward trend, on the contrary, Choose to buy back a company's stock when the stock is undervalued or the stock market is in a downward trend as a whole. From the perspective of behavioral finance, western scholars try to propose that the market timing of equity financing assumes that when the stock of the company is overvalued, the management of the company issues additional shares of the company, and when the stock of the company is undervalued, the western scholars try to propose the market timing of equity financing The management of the company buys back the company stock, thinks the capital structure is the accumulated result of the stock financing opportunity choice in the past, and the market timing choice theory explains the formation of the company capital structure. At present, under the premise that capital market is not efficient, the influence of the deviation between asset pricing and real value on corporate financing decision-making and corporate capital structure has become an important research field in Behavioral Finance. China's capital market has only been established for several decades since its establishment in the 1980s. The time is relatively short. The socialist market economy system is also in the process of continuous improvement. The financing environment of Chinese listed companies and the stock ownership structure of listed companies are also in the process of continuous improvement. There are great differences in financing mode and financing decision between listed company and foreign mature capital market. The capital market is speculative and the market is not mature. Based on the assumption of market efficiency, the investment and financing problems of Chinese enterprises are studied, and there is a certain gap between the investment and financing of Chinese enterprises. In view of the characteristics of China's inefficient capital market, this paper focuses on the irrational valuation of listed companies' stocks by investors in the stock market, taking the A-share stock market in China from 2000 to 2010. The listed companies that carry out equity issue and refinancing are the research objects, and deeply study the financing and investment decision-making of A-share listed companies in China, the market timing effect and the market timing effect on the capital structure of listed companies, and so on. It has very important practical significance and theoretical value. On the basis of expounding the background and significance of theoretical research, this paper reviews the relevant theories and literatures of domestic and foreign enterprises' financing. In the third chapter, according to the analysis and summary of related financing theory, the variable design and research model design of empirical research are described. In the fourth chapter, the regression analysis is carried out on the data samples of listed companies in China's A-share market from 2000 to 2010, in which the rights issue and the refinancing of the reissued shares are carried out. In the last chapter, on the basis of the regression results of Chapter 4, the conclusion is drawn and the corresponding policy recommendations are put forward.
【学位授予单位】：云南财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51;F224

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