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全流通格局开启了我国上市公司并购融资多元化的时代。在国内研究中,鲜有基于股权分置改革来研究市场时机对我国上市公司并购融资行为的影响。因此,本文以外部融资加权平均市账比作为市场时机的代理变量,通过建立Tobit模型进行实证检验与分析,发现在股票市场全流通的背景下,市场时机对上市公司并购融资行为具有显著的影响,但这种影响持续性很短,大约为3年。同时检验结果表明,市场时机、盈利能力对公司债务杠杆的影响在长期内会发生逆转。
The pattern of full circulation has opened up the era of mergers and acquisitions diversification of listed companies in China. In the domestic research, there is little research on the impact of market timing on M & A financing of listed companies in China based on the split share structure reform. Therefore, in this paper, we use the weighted average market-fund ratio of external financing as the proxy variable of market timing to establish a Tobit model for empirical test and analysis. It is found that market timing has a significant impact on M & A financing behavior of listed companies in the context of full circulation of the stock market , But this impact persistence is very short, about 3 years. At the same time test results show that market timing, profitability of the company’s debt leverage in the long run will be reversed.