股票价格能否影响公司投资水平

发布时间：2019-05-10 12:48

【摘要】：本文在我国股票市场制度背景下运用择时融资理论解释股价通过股权融资渠道影响公司投资水平的理论机制,并将Tobin’Q分解成偏离基本面和未来投资机会两部分,以我国A股公司为样本实证检验偏离基本面的股价对公司投资水平的影响。检验结果为,股价高估会通过股权融资渠道对公司投资产生显著影响,并且股价高估程度越高,则偏离基本面的股价对公司投资水平的影响程度也越高。股价低估时,虽然偏离基本面的股价也会显著影响到公司投资水平,但其影响程度和显著性要远低于股价高估时的情形。因此,在我国股价高估或低估对公司投资影响是不对称的。
[Abstract]:Under the background of China's stock market system, this paper uses the theory of timing financing to explain the theoretical mechanism that stock price affects the investment level of companies through equity financing channels, and decomposes Tobin'Q into two parts: deviation from fundamentals and future investment opportunities. Taking A-share companies in China as samples, this paper empirically tests the influence of stock prices deviating from fundamentals on the investment level of Chinese A-share companies. The test results show that the overvaluation of stock price will have a significant impact on the investment of the company through equity financing channels, and the higher the degree of overvaluation of the stock price, the higher the impact of the stock price deviating from the fundamentals on the investment level of the company. When the stock price is undervalued, although the stock price that deviates from the fundamentals will also significantly affect the investment level of the company, the degree of influence and significance is much lower than that when the stock price is overvalued. Therefore, in China, overvaluation or undervaluation of stock prices on the impact of corporate investment is asymmetrical.
【作者单位】：对外经济贸易大学;
【基金】：国家自然科学基金项目(项目号:70902035) 对外经济贸易大学211工程三期重大课题“后危机时代的金融市场发展”(000-73800007);对外经济贸易大学教师学术创新团队资助项目的阶段性成果
【分类号】：F832.51;F275

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