Secondly , it reviews the investing - financing decision theory in standard finance fields , asymmetric information theories and signal models , and then compares them with the market timing theory in behavioral finance fields , which forms the theoretical basement of this paper 然后,回顾了标准金融学体系下投融资互动决策理论?不对称信息理论和信号模型,引入和阐述市场时机理论下的企业投融资行为,比较这些具有不同的市场理性程度假设的理论体系中的企业投融资互动决策,提出本文研究的理论基础。
First of all , this paper review the research of behavioral corporate finance theory on company ’ s investment and financial policy , summarize the market timing theory of capital structure under the frame of behavioral corporate finance theory , afterwards use the model of baker and wurgler ( 2002 ) , design appropriate variable based on our country ’ s fact to test empirically formation of our listed company ’ s capital structure . the research results document that capital structure is not the cumulative outcome of past attempts to time the equity market 本文在回顾了行为公司金融理论关于投融资研究的基础上,对行为公司金融理论框架下资本结构的市场时机选择理论进行了总结,然后借鉴baker 、 wurgler ( 2002 )的模型,结合我国实际构造合适的指标对我国上市公司资本结构的形成进行实证检验,研究发现:资本结构不是公司过去进行市场时机选择努力累积的结果。
We think that following research may examine whether the market timing theory of capital structure can explain our listed company ’ s capital structure formation in the longer time interval . at the same time it is the following research direction which examine the market timing theory of capital structure to be correct or not under the hypothesis of rational investors but irrational managers or irrational investors and irrational managers 本文认为后续研究可以在更长的时间段里检验资本结构的市场时机选择理论是否能用来解释我国上市公司资本结构的形成方面展开,同时在投资者理性、管理者非理性或管理者与投资者都是非理性的情况下,检验市场时机选择理论的正确与否也是后续研究的方向。
According to present situation of brand equity , for the first time , five important brand equity factors were extracted from brand features by applications of principal component analysis and factor analysis methods , they were brand status , customer - recognized value , brand image , brand creative abilities and brand executive abilities ; on the same time , five types of brand equity were divided with k - means cluster methods on the base of five brand factors , they were leading brand , matured or ripe brand , concrete brand , customer - based brand and creative brand . in order to extract brand equity strategy , correlation and linear regression analysis methods were used , as a result of analysis , four strategies were put forwarded including brand marketing strategy , marketing dividing strategy , marketing stretching strategy and marketing entrance time , applying nonparametric tests and duncan tests , five brand equities were also differed in many aspects 在品牌资产各组成要素中，应用主成分分析和因子分析方法，提取了五个品牌资产最重要的构成因子，首次提出品牌资产最重要的因子是品牌地位和顾客认知价值，其次为品牌形象、品牌创新能力和市场执行能力；根据品牌资产的构成因子，运用聚类分析法，对调查企业的品牌资产类型进行了分类，按照品牌构成属性将企业分为领导型、成熟型、务实型、顾客导向型和创新型品牌企业；在对企业品牌策略分析基础上，运用相关分析和线形回归方法，求导形成品牌的重要策略因子，提出建立品牌资产最重要的策略因子是推广策略，其次为市场分化策略、市场延伸策略和进入市场时机。
Market timing theory of capital structure is developed and tested in baker and wurgler ( 2002 ) . their research result document that market timing affects capital structure in the short run , but also the effects on capital structure are very persistent , so they suggest that capital structure is the cumulative outcome of past attempts to time the equity market . it ’ s a new capital structure theory different from the tradeoff theory and the pecking order theory Baker 、 wurgler ( 2002 )提出了资本结构的市场时机选择理论,其研究发现市场时机选择不仅对资本结构存在着短期影响,而且还有很强的持久性影响,因此他们认为资本结构是公司过去进行权益市场时机选择努力累积的结果,这是有别于权衡理论与优序融资理论的一个新的资本结构理论。
The author acquires that china " s index fund runs well and it is due to the funds " manager choosing the securities excellently , but it can not be proved that the index funds " manager can capture the chance of securities market accurately after making comprehensive appraisal and analvse to the index funds 在通过对中国指数基金的业绩作出综合性的评价和分析后，作者发现中国指数基金的总体表现良好，但其良好的业绩更多的来源于各基金经理较为良好的证券选择能力，而不是他们对证券市场时机的把握能力。
It can make evaluation results more apparent and objective when used to evaluate performance of chinese securities investment funds comprehensively . from three aspects of fund performance , that is risk premium , performance attribution and performance persistence , this paper selects 11 evaluating index , which include sharpe index , treynor index , jenson index and so on . it makes this evaluation system can represent funds ’ performance information completely , afterwards main component analysis is carried out to predigest evaluation outcome to obtain final evaluation result 本文从基金业绩的风险收益、业绩归属、持续性三个方面选取了11个评价基金业绩的指标,其中包括夏普指数、特雷诺指数、詹森指数、市场时机选择系数、股票选择系数、持续性指标等,使该评价体系能较为全面地代表基金业绩的信息,然后通过主成分分析法来简化评价信息,以获得最终的综合评价结果。
