Shleifer and Vishny(2003)提出的市场时机理论是并购动因主流理论之一。由于中国资本市场发育不成熟且具有特殊性,该理论对中国上市公司并购浪潮动因解释力不足。本文根据中国资本市场特性,引入了现金支付占绝对主导地位、股市较长时期处于高估值状态两个约束条件对市场时机理论模型进行了拓展改进,改进后模型对中国上市公司并购浪潮动因具有更强的解释力。 Shleifer and Vishny (2003) put forward the market timing theory is one of the mainstream theories of motivation for M & A. Due to the immaturity and particularity of China’s capital market, the theory fails to explain the motivation of M & A in Chinese listed companies. Based on the characteristics of China’s capital market, this paper introduces two constraints, ie cash payment is the dominant one and the stock market is in the period of high valuation. The paper improves and improves the theoretical model of market timing. More explanatory power.