Study of the relationship between IPO market timing and capital structure of Real Estate companies Econometric evidence from the Panel Data of Hong Kong Main Board Stock Market
桞ased on the observations of IPO Panel Data of listed firms in Hong Kong Main Board Stock Market during the year of 1992 to 2009, the paper tests the influence of IPO market timing of real estate companies to the capital structure. In this paper, the market timing index is measured by markettobook ratio and we choose the nondebt tax shields, company growth, company size and the liquidity of assets as control variables. The study finds that market timing does not have a short run impact on the capital structure of real estate companies of Hong Kong Main Board stock market, but there is a weak negative correlation between the historical evaluation and the capital structure of a firmWith every unit the historical evaluation of a firm goes up, the book leverage would go down for 0.02 unitsFurther investigation shows that the influence of market timing to listed firms in the Main Board Stock Market of Hong Kong last for 2 year, and disappear in the third year of IPO.
RealEstateCompany MarketTiming CapitalStructure Market-to-BookRatio
GaoChunLi LanFeng
1st Affiliation School of management Xi’an University of Architecture and Technology Xi’an,China per 2nd Affiliation School of management Xi’an University of Architecture and Technology Xi’an,China
国际会议
广州
英文
1-6
2011-05-13（万方平台首次上网日期，不代表论文的发表时间）