摘要
股市的泡沫会如何影响公司的融资和投资决策?本文以一个模型讨论了这个问题。分析结果表明,当公司管理层认识到泡沫并能利用泡沫的时候,会表现出股权偏好的特征,投资方面,从外部投资者的角度来看,公司显得在某些项目上投资不足,在某些项目上投资过度。同时,本文的结论还有助于解释公司在上市后的业绩下滑现象。
How stock price bubbles influence corporate financing and investment decisions？ This paper discusses the question using a model. The results indicate that if the company realizes stock price bubbles and can make use of them freely, it will seem to prefer equity financing to others. In investment decisions, from the perspective of outside investors, the company performs somewhat strange, that is, underinvestment in some projects and overinvestment in other projects. At the same time, the results of the paper can help to explain the performance decline after IPO of the company.
出处
《特区经济》
北大核心
2007年第3期119-121,共3页
Special Zone Economy
关键词
泡沫
投资
融资
股权偏好
Bubble
Investment
Financing
Equity preference
