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本文研究公司管理者在发行公司债券时是否有能力正确选择市场时机以及决策机制。问题源自关于公司债券发行量与债券市场整体环境之间的相关性是否反映管理者真实的市场时机选择能力的争论。文章认为,以往对于债券发行市场时机选择的文献在几个方面需要得到补充;大多数关于债券市场时机选择的研究仅仅提出债券发行与债券市场环境变量之间的共同变化关系,而没有揭示市场时机选择背后的本质;公司经理对于债券市场时机选择的“超凡”能力并没有得到验证等。
This article examines whether managers have the ability to choose the right market timing and decision-making mechanisms when issuing corporate bonds. The problem stems from the debate over whether the correlation between corporate bond issuance and the overall bond market environment reflects the manager’s real market timing. The article argues that in the past, the literature on the timing of bond issuance needs to be supplemented in several aspects. Most of the studies on bond market timing only propose the common change relationship between bond issuance and bond market environment variables, but do not reveal the market timing The nature of the choice behind; the manager’s “extraordinary” ability to choose from the timing of the bond market has not been validated.