股票市场波动与公司投资

Stock Market Volatility and Corporate Investment

现有的研究已经发现,股票市场波动对公司投资具有重要影响。但迄今A股市场是否存在这样一种影响还缺乏科学的证据。本文基于A股制造业上市公司的数据研究发现,的确存在着股价变化和公司投资之间的显著正相关关系。并且本文还发现,A股市场的剧烈波动会提高公司的融资成本,从而降低公司的投资水平。如果放松公司所面临的融资约束,将有助于降低市场过度波动对实体投资的抑制作用。

The existing research suggest that volatility in stock market has great influence on corporate investment. However, there is little evidence about whether this effect also exists in Chinese stock market. Based on firmlevel data of Chinese listed companies in manufacturing,we detect a significantly positive relationship between stock prices and corporate investment. And we also find that excessive fluctuation in stock market will increase financial cost and depress corporate investment. Relaxing the financing constraints on firms can reduce these negative effects on the corporate investment.