市场择时理论

然后，在考虑调整成本的前提下，重新验证市场择时理论和Inertia理论。

Then test market timing theory and Inertia theory once again when considering adjustment costs .

股票融资的市场择时行为不具有持久影响资本结构的效应，总的说来，市场择时理论并不适用于中国的上市公司。

The market timing behavior of stock financing does not have lasting influence on the capital structure , the market timing theory is not suitable for the Chinese listed companies .

文章运用1998年1月1日~2003年12月31日间中国沪深两市IPO公司财务数据试图第一次较为全面地检验市场择时理论在中国的适用性。

This paper uses the financial data of IPO listed companies in Shanghai and Shenzhen stock markets between 1998 and 2003 to examine the suitability of this new theory in China .

基于行为金融的市场择时理论放开了有效市场的假设，从投资者的非理性角度研究公司资本结构，为资本结构的研究提供了一个新的视角。

Market timing that based on behavioral finance theory give up the Efficient Market Hypothesis and study the capital structure from the investor point of view of non-rational .

文章在回顾了国内外的研究现状之后，对传统的资本结构理论、行为金融学理论以及市场择时理论进行了介绍。

After reviewing the existed theories about the market timing , the paper introduce the theory , including traditional capital structure theory , behavioral finance theory and the theory of market timing .