同行股价信息含量影响公司投资决策吗?

Does Information Content of Peer Stock Price Affect Company’s Investment Decision?

企业的资本投资水平和结构决定了经济增长质量与转型升级进程。对同行公司股价能否为公司投资决策提供有效信息进行探讨,有助于进一步剖析中国资本市场的资源配置和投资信息功能。本文基于我国A股上市公司数据,从同行公司外部视角,研究股价信息含量对公司投资决策的影响。研究发现:同行公司股价信息含量与公司投资呈显著的正相关关系,并且当公司自身的股价信息含量越低或者公司管理者拥有的私人信息越少时,这种相关关系就会越强。因此,文章提出以下对策建议:通过建立信息共享平台畅通公司信息获取渠道;通过加强外部学习建立公司管理者学习制度;通过完善公司信息披露制度提升信息披露质量。

The level and structure of capital investment of enterprises determine the quality of economic growth and the process of transformation and upgrading.It is helpful to further analyze the resource allocation and investment information function of China's capital market by discussing whether the stock prices of peer companies can provide effective information for the company's investment decisions.Based on the data of China's A-share listed companies,this paper studies the impact of stock price information content on corporate investment decisions from the external perspective of peer companies.The results show that the stock price information content of peer companies has a significant positive correlation with company investment,and when the company's own stock price information content is lower or the company's managers have less private information,the correlation will be stronger.Therefore,this paper puts forward some countermeasures and suggestions:unblock the company's information acquisition channels by establishing an information sharing platform;establish a learning system for the company's manager by strengthening external learning;improve the quality of information disclosure by improving the company's information disclosure system.