股票价格波动对投资影响的实证分析

Empirical Study on the Impact of Stock Price Fluctuation on Investment

中国股票市场对投资影响的实证分析表明,我国股票市场对企业投资能力。企业家信心以及全社会固定资产投资的影响效应都不明显。造成这种现象的原因有:我国股票市场规模太小,上市公司只占所有企业的一小部分;上市公司股权结构过于集中,非流通股占绝对控股地位;以及公众对股票投资与实际投资收益预期的非一致性造成股票投资对生产性投资的"挤出效应"等。

The empirical analysis of the impact of China's stock market on investment shows that there is no obvious influence from China' s stock market on enterprises investment capacity, entrepreneur confidence and the whole society's fixed asset investment. The reasons are: The scale of China's stock market is too small; listed companies only take up a small proportion of all companies; centralization stock structure of listed companies, non- circulating stocks takes up the absolute control position; there is different expectation towards stock investment and real investment profit that causes the 'press effect'of stock investment.