公司不确定性、非效率投资与资产定价

发布时间：2018-02-24 19:20

本文关键词： 公司不确定性非效率投资投资者情绪资产定价　出处：《科研管理》2017年10期 　论文类型：期刊论文

【摘要】：全球经济金融危机后,公司面临的不确定性因素日益增多。公司不确定性对企业投资的影响及其经济后果,成为理论和实务界关注的焦点。本文以A股上市公司为样本,研究公司不确定性、非效率投资与资产定价的关系。研究发现:(1)公司不确定性显著加剧公司非效率投资(尤其是过度投资),这在投资者情绪高涨期最明显;(2)公司非效率投资对企业价值的负向影响源于公司过度投资,这在市场投资者情绪低落期最明显;(3)公司投资不足显著正向影响企业价值,这在投资者情绪低落期更明显。本研究丰富了公司非效率投资、资产定价和行为公司金融研究,对企业高管、投资者以及监管者均有启示意义。
[Abstract]:After the global economic and financial crisis, companies are facing increasing uncertainties. The impact of corporate uncertainty on corporate investment and its economic consequences have become the focus of attention in theory and practice. To study the uncertainty of the company, The relationship between inefficient Investment and Asset pricing. The study found that the uncertainty of the company significantly increased the company's inefficient investment (especially overinvestment, which was most obvious during the period of high investor sentiment). The negative impact of the value is due to the overinvestment of the company, This is most obvious in the depressed period of market investors. (3) the underinvestment of the company has a significant positive impact on the value of the firm, especially in the depressed period of investor sentiment. This study enriches the study of corporate inefficiency investment, asset pricing and behavioral corporate finance. It has implications for executives, investors and regulators.
【作者单位】：河南财经政法大学会计学院;
【基金】：国家自然科学青年基金项目“高管团队垂直对特征、内部晋升激励与公司风险承受:影响及作用机理研究”(项目编号:71602049,2017.01-2019.12) 河南省高等学校哲学社会科学创新团队项目“河南省国有企业混合所有制改革制度安排”(编号:2015-CXTD-09,2015.01-2018.12) 河南省高等学校重点科研项目“公司内部治理机制、高管垂直对特征与公司风险承受:影响及作用机理研究”(项目编号:17A630003,2017.01-2018.12)
【分类号】：F275;F832.51

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