管理者在投资决策中会倾听市场的声音吗?

Will Managers Listen to the Market When Making Investment Decisions?

基于2008-2013年A股上市公司样本,利用回归分析方法考察管理者在投资决策中是否会倾听市场的声音。结果发现:管理者在投资决策中根据市场股价水平和股价信息调整投资规模,即进行市场学习,且在控制了管理者自有信息和分析师信息之后,市场学习假说被进一步验证,在排除融资约束以及市场择机或误定价的影响后,该假说仍然对回归结果具有解释力度;不论信息透明与否,市场学习行为均能提高企业的经营效率。

Based on the data of A share companies during the 2008 -2013 period, this paper uses the regression methodto study whether managers listen to the market when making investment decisions. It finds that managers rely on the private in-formation incorporated in the stock price to adjust investments, i. e. , managers learn from the market. Besides, this conclu-sion is further proved when managers＇own information or analysts＇ information is controlled. Moreover, after the alternative hy-potheses like the financial constraint, the market-timing or mispricing hypotheses are excluded, the learning hypothesis stillhas incremental explaining power. Lastly, the learning-from-market effect has improved the future performance in both thetransparent and also the opaque group.