财富约束、市场时机与融资行为的实验研究——优序融资和市场择时理论的行为元素提炼

Journal of Financial Research

2016, Vol. 431

Issue (5): 124-137 DOI:

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Wealth Constraint, Market Timing and Financing Behavior: Refinement of BehavioralElements from Pecking-Order and Market Timing Theory

LI Jianbiao, SUN Binbin, WANG Pengcheng

China Academy of Corporate Governance/Business School , Nankai University School ,

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Abstract Using the approach of Experimental Economics, we designing an experiment to study financing behavior in an anonymous market and test the pecking order theory and market timing theory. Results suggest that market timing theory predict people will behavior according to the market timing is supported while the pecking order theory only being supported in condition of no more than 50% wealth constraint. We also find financial behavior is a strategic behavior in which the degree of return volatility plays a role of moderation and the decision of investors play a partial mediation role.

Key words： Experiment Wealth Constraint Financing Behavior

Received: 26 March 2015 Published: 12 April 2018

JEL分类号:	C91
	G32
	O16

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	WANG Pengcheng

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LI Jianbiao,SUN Binbin,WANG Pengcheng. Wealth Constraint, Market Timing and Financing Behavior: Refinement of BehavioralElements from Pecking-Order and Market Timing Theory[J]. Journal of Financial Research, 2016, 431(5): 124-137.

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http://www.jryj.org.cn/EN/ OR http://www.jryj.org.cn/EN/Y2016/V431/I5/124

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