摘要
已有的资本结构理论很难解释Baker & Wurgler(2002)的实证结果:为什么公司的历史估值会对资本结构有着强烈且显著的负相关效应?且这种负效应长达10年?他们提出了一个全新的市场时机选择理论来回答这个问题,即公司在股票价格高估时发行股票,在股价低估时回购。Baker & Wurgler(2002)认为,市场和公司资本结构之间通过市场时机选择行为联系起来,当前公司的资本结构是过去公司应对市场变化所做出的融资决策,即选择市场时机行为的累积结果,公司的历史估值对资本结构有着大且持久的影响,这种影响长达10年以上。这一理论的提出,将MM理论提出的市场与资本结构"无关论"延伸到"重大影响论"。
All traditional capital structure theories are hard to explain the empirical results of Baker＆ Wurgler（2002） ： Why the fluctuations in market value have very strong and long-run impacts on capital structure？ They came up with a pretty new theory of capital structure, Market Timing Theory. ＂Market timing＂ refers to the practice of issuing shares at high prices and repurchasing at low prices. Baker ＆ Wurgler believed that market and capital structure was connected after the firms＇ managers made financial decisions such as market timing. Their main finding was that leverage was strongly negatively related to the measure of historical market valuations which was denoted as the ＂external finance weighted-average＂ market-to-book ratio. They concluded that capital structure was the cumulative outcome of attempts to time the equity market and the impact of market timing on capital structure lasted at least 10 years according to the data of American listed firms.
出处
《武汉大学学报（哲学社会科学版）》
CSSCI
2007年第5期657-662,共6页
Wuhan University Journal：Philosophy & Social Science
基金
教育部人文社会科学基金规划项目(06JA790086)
