The Relationship between Market Timing ,Capital Structure and Dynamic Capital Structure Adjustment

• Main Authors: Jen, Hung-Ping, 任宏平
• Other Authors: Li, Chun-An
• Format: Others
• Language: zh-TW
• Published: 2016
• Online Access: http://ndltd.ncl.edu.tw/handle/96135762364772134945

碩士 === 國立雲林科技大學 === 財務金融系 === 104 === This paper to market timing theory and dynamic trade-off theory assumes that market presence "target capital structure" based on market timing to explore whether there are significant differences in the speed of adjustment of the capital structure and dynamics of capital structure. Market timing theory mentioned: as companies take advantage of market timing of the initial public offering, some time after the release, although the debt ratio is low, but after some time, will gradually adjust to the target capital structure. However, we found that, although there are differences in the speed of adjustment determined in a hot market and cold market if he did observe the recapitalization is not the same speed in the direction of adjustment, market timing variables on the basis of the book value of the debt ratio below the adjusted rate than significant. Under addition to Prosperity signal substituted dummy variable hot and cold market situation, capital structure impact and market timing results are different, Prosperity signal variable bias in the price basis for the next significant market opportunity variable bias in book value basis for the next exhibit significant resistance, the remaining factors on capital structure and adjustment speed are having significant and different directions.