上市公司的公司价值与公司投资:对其关系的重新检验

Corporate Value and Investment for Listed Companies:A New Test

传统对公司价值与公司投资关系的研究,均假设公司价值是投资的一次函数。通过建立模型,证实了公司价值是投资的三次函数。对于中国上市公司来说,当投资水平小于14.2%时,公司价值随着投资水平的增加而增加;当投资水平在14.2%～69.31%之间时,公司价值随着投资水平的增加而减少,公司投资处于过度水平;当投资水平超过69.31%时,公司价值随着投资水平的增加而增加。另外,对过度投资进行进一步实证分析,结果表明,投资资源的存在是处于过度投资区间公司的经理从事过度投资的直接原因。

Traditional researches are made on the assumption that the relationship between corporate value and investment is a linear function. However, this paper testifies that the relationship is high order nonlinear function through empirical study. To Chinese listed companies, if the investment level is less than 14.2 percent, the corporate value increases with the investment. If the investment level is between 14.2% and 69.31%, the value decreases with investment increasingly. If the investment level is more than 69.31%, the corporate value increases with investment. Further study shows that the direct reason of overinvestment is the existence of investing resources of companies.