An empirical analysis of the market timing theory in Chinese listed companies

被引：0
|
作者：
Wu, Shuiting [1 ]
Liu, Xin [1 ]
Xu, Kaijun [1 ]
Xu, Yang [1 ]
机构：
[1] SW Jiaotong Univ, Sch Econ & Management, Chengdu 610031, Peoples R China
来源：
PROCEEDINGS OF THE INTERNATIONAL CONFERENCE ON INTELLIGENT SYSTEMS AND KNOWLEDGE ENGINEERING (ISKE 2007) | 2007年
关键词：
capital structure; market timing; decision making; listed companies;
D O I：
10.2991/iske.2007.242
中图分类号：
TP18 [人工智能理论];
学科分类号：
081104 ; 0812 ; 0835 ; 1405 ;
摘要：
To avoid the debates on the multiple interpretations of market-to-book ratio, market-to-book ratio has been decomposed into market-to-value and value-to-book so that we could distinguish the growth opportunity from mis-pricing. In this paper, the residual income model is employed to calculate the intrinsic value to estimate the degree of mis-pricing by using a sample of Chinese listed companies from 1998 to 2003. Based on the degree of mis-pricing, an empirical support that equity market mis-pricing plays a significant role in decision making on the debt-equity choice is obtained. It verifies that the market timing theory may be applied in analysis of financing behavior of Chinese listed companies, but the long-lasting effect isn't significant.
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页数：1
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