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资本结构理论是现代公司财务理论的重要基石之一。本文运用行为金融学和资本结构理论的学科融合的交叉学科—行为公司财务“市场时机”理论的研究成果,尝试从金融市场非理性的视角研究资本结构的决策过程。通过建立数学模型,证明由于非理性投资者和理性公司管理人员的相互作用,特定市场时机对于上市公司资本结构具有显著持久的影响。随着股票市场估价水平高低变化,上市公司存在最佳的市场时机或者融资机会窗口。公司往往选择在股票市场高估其价值的时候发行股票,低估时候回购股票。公司股票普遍被股票市场高估使得股票市场形成公司股票发行热,而普遍低估又造成公司股票回购热。
Capital structure theory is one of the most important cornerstones of modern corporate finance theory. This paper uses the research results of the interdisciplinary course of behavioral finance and capital structure theory, which is the behavioral corporate finance “market opportunity ” theory, and attempts to study the decision-making process of capital structure from the perspective of financial market irrationality. By establishing a mathematical model, it is proved that the specific market timing has a significant and lasting effect on the capital structure of listed companies due to the interaction between irrational investors and managers of rational companies. With the stock market valuation changes in the level of listed companies there is the best market opportunity or financing window. Companies often choose to issue shares when the stock market overestimates their value, and when they underestimate the value they buy back. Company stocks are generally overvalued by the stock market, which makes the stock market form a hot issue of the company’s shares, while the general under-estimation has caused the Company’s stock repurchase fever.