On the Market Timing Choices of Enterprise or Government Regulations:IPO Market Timing and Capital Structure with China's Certain Institutional Background
研究了2000-2010年中国A股IPO企业的市场时机选择对资本结构的影响，发现政府监管而非企业选择是主要影响因素，且西方理论中的负相关关系在中国不成立。
The paper examines the effect of IPO market timing on the capital structure with China's certain institutional background,using the data of all A-share IPO firms in Shanghai and Shenzhen Stock Market during the year of 2000 to 2010.We conclude that in the current IPO system,China's IPO market timing includes not only the timing of enterprise choices,but also the timing of government regulations.Market timing has a significant effect on the capital structure,but mostly due to the government regulations rather than enterprise choices.The significant negative correlation between enterprise market timing and capital structure that Baker and Wurgler (2002) have found does not exist in China's IPO market.Government regulation is the main reason for the difference between the actual situation in China and the western market timing theory.These findings have certain reference value for regulatory agencies to promote the? IPO system reform.