金融泡沫与企业投资

发布时间：2018-03-06 19:07

本文选题：投资　切入点：泡沫　出处：《管理科学学报》2010年01期 　论文类型：期刊论文

【摘要】：研究了金融泡沫对企业投资策略影响的微观机理.在投资项目市场价值中引入金融泡沫因子,建立起企业的投资决策模型,研究了泡沫对投资概率的影响,并对泡沫持续期、决策者视窗和融资规模和方式与金融泡沫对投资的共同影响进行了分析.结果表明:正泡沫对投资具有推动作用,负泡沫具有抑制作用;正泡沫期间进行的投资长期具有折价趋势,负泡沫期间进行的投资价值有上升趋势;正泡沫持续期越长,投资的可能性越小;负泡沫的持续期越长,投资可能性越大;在正泡沫期,若决策者越短视,立即投资的动机越强,企业偏向于出售股权进行投资;在负泡沫期,若决策者越短视,投资将会推迟,企业偏向于以其他融资方式进行投资.
[Abstract]:This paper studies the microcosmic mechanism of the influence of financial bubble on enterprise investment strategy, introduces financial bubble factor into the market value of investment project, establishes the investment decision model of enterprise, studies the influence of bubble on investment probability, and studies the duration of bubble. The influence of financial bubble on investment is analyzed by window, financing scale and mode of decision maker. The results show that positive bubble can promote investment and negative bubble can restrain investment. The investment during the period of positive bubble has a long-term trend of discount, the value of investment during the period of negative bubble has an upward trend, the longer the duration of positive bubble, the less the possibility of investment, the longer the duration of negative bubble, the greater the possibility of investment. In a positive bubble, if the decision makers are short-sighted, the incentive to invest immediately is stronger, and the firm prefers to sell equity to invest; in the negative bubble, if the decision-maker is short-sighted, the investment will be delayed and the firm will prefer to invest in other forms of financing.
【作者单位】：上海立信会计学院金融学院;上海交通大学安泰经济管理学院;上海大学国际工商与管理学院金融系;
【基金】：国家自然科学基金资助项目(70701023) 中国博士后基金资助项目(20060390628) 上海市教育委员会科研创新资助项目(10ZS129)
【分类号】：F830;F275;F224

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