CAJ | 학술논문

股票市场通过上市公司的分红派现和股权再融资进行股权资金的再分配，上市公司市净率的离散度可以作为度量股权资金配置效率的指标。本文研究显示，在分红派现方面，市净率高于市场均值的公司支付较低水平的股利，而市净率低于市场均值的公司支付较高水平的股利；在股权再融资方面，市净率高于市场均值并且市净率相对较高的公司得到的股权再融资机会相对较多，都将有利于股权资金配置效率的提高。另外，提高股票市场信息效率以及改善上市公司的负债融资行为，也将有利于提高股权资金配置效率。
고표시장통과상시공사적분홍파현화고권재융자진행고권자금적재분배，상시공사시정솔적리산도가이작위도량고권자금배치효솔적지표。본문연구현시，재분홍파현방면，시정솔고우시장균치적공사지부교저수평적고리，이시정솔저우시장균치적공사지부교고수평적고리；재고권재융자방면，시정솔고우시장균치병차시정솔상대교고적공사득도적고권재융자궤회상대교다，도장유리우고권자금배치효솔적제고。령외，제고고표시장신식효솔이급개선상시공사적부채융자행위，야장유리우제고고권자금배치효솔。
Stock market reallocates the equity capital though dividend paying and SEO, and the dispersion in MBR across firms can be used as a measure of the efficiency of equity capital. To raise the equity allocation efficiency, the firms whose MBR are greater than its market mean should pay less dividend and should get more SEO opportunities, otherwise, the firms whose MBR are below the market mean should pay more dividend and should get less SEO opportunities. Furthermore, the increasing of market＇ s information efficiency and the reformation of firm＇ s debt financing would also increase the equity allocation efficiency.