股票价格对中国上市公司投资行为的影响——基于不同股权依赖型公司的实证

The Effects of Stock Valuations on China′s Corporation Investments

本文立足于中国股票市场,引入市场时机理论分析股票的市场估价对上市公司投资行为的影响。文章首先运用因子分析法界定股权依赖程度,再以此为前提分析不同股权依赖度下公司长期投资行为与股票价格的关系,然后根据市场实际情况进一步研究不同市场估价水平下短期投资行为的决定因素及影响程度。结果表明,股票价格对公司的长期投资行为具有显著的正影响,除股权依赖程度特别高的公司外,若股权依赖性越大,公司的长期投资行为对其市场估价水平的敏感性越强。另外,市场估价对高估公司的短期投资支出具有显著的正影响,且影响程度和显著性都高于其对非高估公司短期投资的影响,说明中国市场存在一定程度的募集资金滥用和转向。

By means of market timing theory, this paper analyzes the effects of China′s corporation stock valuations on the investing activities. Firstly, it uses factor analysis to calculate the degree of equity dependence, and then discusses the relationship between corporate long-turn investments and stock valuations under different degrees of equity dependence. Finally, a deeper research is made on the determinants of short-turn investments and their impacts under different levels of valuation. It finds that stock valuations have significant positive effects on long-turn investments, and the effects become stronger with equity dependence increasing, except those samples that are extremely equity dependent. In addition, it concludes that market valuations have significant positive effects on short-turn investments of over-valued corporations, and both the level and significance of the effects are higher than that of under-valued corporations, thus indicating there are placement abuses and shifts in China stock market.