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上市公司的股权融资行为是近年来国内研究的热点,但对中国上市公司股权融资的相关研究始终没有脱离传统财务学框架,无法完全解释我国上市公司所存在的股权融资偏好现象。基于此,本文从中国证券市场的实际发展状况出发,引入融资的市场时机选择理论对中国上市公司的股权再融资问题进行研究。本文首先以中国证券市场的发展现状为基础,在市场时机选择理论的框架下对我国上市公司融资决策行为进行分析,随后运用一般多元回归模型对A股市场的时间序列数据和符合配股和增发资格的上市公司混合面板数据进行检验,发现上市公司倾向于在自身股价水平较高时进行股权再融资,从而验证了我国上市公司存在着股权融资时机选择的现象。
Equity financing of listed companies is a hot topic in domestic research in recent years. However, the research on equity financing of Chinese listed companies has not departed from the traditional financial framework and can not fully explain the preference of equity financing in listed companies in our country. Based on this, starting from the actual development of China’s securities market, this paper introduces the financing opportunity market timing theory to study the issue of equity refinancing of Chinese listed companies. Based on the current situation of the development of China’s securities market, this paper analyzes the financing decision-making behavior of China’s listed companies under the framework of market timing theory, and then uses the general multiple regression model to analyze the time series data of A-share market, , It finds that listed companies tend to carry out refinancing of shares when their stock price is relatively high, so as to verify the existence of the timing of equity financing choice for listed companies in our country.