中国上市公司股票发行中的市场择时行为研究

　　黄勇 中南财经政法大学会计学院讲师研究领域：实证公司金融、行为公司金融教授课程：高级财务管理、会计学教育背景 2012年10月-2016年9月日本九州大学经济学博士 2009年9月-2012年9月中国地质大学（武汉）管理科学与工程专业硕博连读 2005年6月-2009年9月中国地质大学（武汉）会计本科

Managerial market timing is the subject of an extensive body of literature（Baker and Wurgler，2002；Baker，Ruback，and Wurgler，2007；Warusawitharana and Whited，2015）.Baker and Wurgler（2002）suggest that corporate managers have incentives to time the market by exploiting（possibly perceived）misvaluations if they think it possible and if they care more about existing shareholders.Consistently，in their survey of 392 chief financial officers（CFOs）based in the U.S.and Canada，Graham and Harvey（2001）find that two-thirds of CFOs report that the amount by which their stock is misvalued is an important or very important consideration for equity issuance.Faced with misvaluations in the equity market，the literature suggests that managers’decision depends on the direction of the misvaluation.While overvaluation and the concentration of retail investors are associated with public offerings，undervaluation seems to be the main motivation for private placements.