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先前的研究利用市账率来检验公司在进行资本结构决策时,是采用择时理论或者权衡理论进行决策考虑,本篇文章纳入了套利风险之后,探讨套利成本、交易成本以及资讯不对称对资本结构决策的作用,结果发现如下,第一,公司市账率越高,未来的负债比率越高。第二,在套利风险较高的公司,市账率越高会降低公司未来的负债比例。本篇文章证实市账率可能同时作为破产风险与定价误差的代理变数,在一般的情况下,破产风险的效果会高于定价误差的效果;但若存在套利风险,定价误差的效果会高于破产风险的效果。
Previous studies used the PBR to test the firm’s decision-making on the basis of timing or trade-offs when making capital structure decisions. This article examines arbitrage costs, transaction costs, and information asymmetry after capitalization of arbitrage risks. The role of structural decision-making, the results found below, first, the higher the company’s P / B, the higher the debt ratio in the future. Second, in companies with high arbitrage risk, higher PBRs will reduce the firm’s future debt ratio. This article confirms that P / B ratio may serve as proxy variables for bankruptcy risk and pricing error at the same time. Under normal circumstances, the effect of bankruptcy risk will be higher than that of pricing error. However, if arbitrage risk exists, the effect of pricing error will be higher than The effect of bankruptcy risk.