股价信号、项目价值与公司投资行为选择

Stock Price Signal,Project Value and Corporate Investment Option

资本市场和实体经济之间存在密切关系,资本市场资源配置效率决定了股价信号与公司投资的关系。将股价信号、项目价值与公司投资纳入一个统一的框架体系,利用逐步回归方法,对我国长江三角洲地区制造业上市公司资料的实证检验表明,股价信号对公司投资决策有一定的影响,在我国目前信息不对称、市场投机严重等不完全市场的条件下,对公司投资会产生过度的激励。

Capital market is closely related with real economy. The allotted efficiency of capital market determines the relationship type between the stock price signal and corporate investment behavior. By anglicizing stock price signal, project evaluation, and corporate investment behavior in one framework through stepwise regression, this thesis tests the digit of the listed manufacture companies from the Yangtze Delta, and finds that the stock price signal has excessive influence on the investment option.