The study looked at how companies in China use timing financing to raise money for mergers and acquisitions (M&A) when their stock prices are high. By analyzing M&A cases from 2007 to 2018, the researchers found that when companies raise money through stocks when they are overvalued, it doesn't always lead to better M&A performance. This is because this timing financing doesn't improve the companies' ability to create value through M&A. In simpler terms, raising money through stocks when the company is overvalued doesn't always help them make smart business deals.