终极控制与资本投资对股票横截面收益之影响探析

发布时间：2018-08-01 14:04

【摘要】：以我国上市公司2003-2008年的数据为样本,实证检验了终极控制特征、资本投资对股票横截面收益的影响。研究结果发现:(1)上市公司终极控制权与现金流权分离并没有显著影响与中小股东利益直接相关的股票横截面收益;(2)上市公司预期投资显著降低了股票横截面收益,说明市场普遍认为投资活动损害了公司价值;(3)终极控制权与现金流权分离通过预期资本投资对公司价值产生了负面影响,而当期资本投资的变化一定程度地提高了公司的价值。按照Richardson的预期投资模型进一步检验表明,资本投资过度的上市公司较投资不足的上市公司终极控制特征与资本投资对股票横截面收益影响更显著。本文的研究结果说明,上市公司终极控制特征通过资本投资活动影响了公司的价值。
[Abstract]:Taking the data of Chinese listed companies from 2003 to 2008 as a sample, this paper empirically tests the ultimate control characteristics and the impact of capital investment on cross-sectional returns of stocks. The results are as follows: (1) the separation of ultimate control and cash flow rights of listed companies has no significant effect on the cross-sectional returns of stocks directly related to the interests of minority shareholders; (2) the expected investment of listed companies significantly reduces the cross-sectional returns of stocks. It shows that the market generally thinks that the investment activities damage the company value; (3) the separation of the ultimate control right and the cash flow right has a negative impact on the company value through the expected capital investment, and the change of the current capital investment improves the company value to a certain extent. According to the expected investment model of Richardson, it is shown that the ultimate control characteristics of overinvested listed companies and the effect of capital investment on cross-sectional returns are more significant than those of underinvested listed companies. The results show that the ultimate control characteristics of listed companies affect the value of companies through capital investment activities.
【作者单位】：重庆大学经济与工商管理学院;
【基金】：国家自然科学基金资助项目(71172082) 中央高校基本科研业务费重点资助项目(CDJXS11022201)
【分类号】：F224;F832.51;F276.6

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