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.

引用

页数：1

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