博彩行为对公司资本支出的影响:中国实证

The Impact of Gambling Behavior on Capital Expenditure: Evidence from China

本文的研究目的是探讨博彩行为对公司资本支出的影响。首先,使用股票报酬率的偏态系数与资本支出做回归分析,得到偏态系数与资本支出呈正相关关系,说明偏态系数越高,高管人员越会增加资本支出;其次,由于无法说明高管人员是否会因此而迎合投资人,所以本研究纳入偏态系数与套利风险的交互项来进行检验,采用五种套利风险与偏态的交互作用项与资本支出进行回归分析。研究结果发现:第一:偏态系数越高,资本支出越多;第二:信息不对称程度越高,股票价格越高,交易量越小,套利风险越大,公司的高管人员就偏向从公司未来的成长机会而减少资本支出;价格越低,交易量越大,套利风险越小时,高管人员就会迎合投资人的正偏态偏好,增加资本支出。

The purpose of this study is to investigate the effect of gambling behavior in the investment of the company. First, the skewness coefficient of stock returns and investment to do regression analysis, the skewness coef- ficient of stock returns have a positive correlation on investment,that is demonstrates that skewness coefficient the higher, managers will increase the corporate investment;Second, because it could not indicate whether the manager would invest more to catering the individual sentiment, so this study male the interaction effects on skewness and risk arbitrage to view, risk arbitrage make up 5 variables and to do with the skewness regression analysis. Our re- sults find ： first, skewness coefficient has positive effect on invest ; second, the higher the degree of information asym- metry, for the company with high price or low trading volume, higher Arbitrage Risk, the manager would invest ac- cording to the growth opportunity,reduce the corporate investment;the lower price, the greater volume,smaller Ar- bitrage risk, then, the manager would invest more to catering the individual sentiment of skew.