中文摘要：

市场股价信息会不断影响股权融资决策，对资本结构的影响甚至出现累积效应。为此，从中长期的角度探寻历史市场时机对公司资本结构形成和杠杆累计变动的影响，并具体测算出市场时机对资本结构影响的持续程度。研究表明，市场价格高的公司不仅在短时间内愿意进行股权融资，而且过去的市场价格信息也会对资本结构产生中长期的影响，在一定时间里不断累积。这种信息的影响大约会持续5年左右。

英文摘要：

The long-term effects of market timing on the capital structure and the cumulative changes in leverage and their keeping time were discussed. According to the empirical results, the external finance weight-average method of Baker and Wurgler was adjusted , and a measure method proposed. The outcomes indicated that the market timing would affect the capital structure in a long time, i.e. the capital structures of China listed corporations are influenced by historical stock prices, and this time length of the effect is five years.