抱残守缺抑或奋起直追:业绩期望落差视角下企业投资效率的驱动逻辑

Stubborn or Promotion:Research on the Impact of Performance Expectation Gap on Investment Efficiency

在高质量发展要求高度凸显的现实背景下,提升企业投资效率以及识别其驱动因素受到学术界高度关注。利用2010-2019年A股上市公司经验数据,实证考察了业绩期望落差对企业投资效率的影响,研究结果显示:业绩期望落差对企业投资效率的影响存在非对称性,业绩期望落差在改善过度投资的同时,会导致企业投资不足的恶化;分组检验发现,业绩落差对投资效率的影响在不同落差持续性、不同产权性质和不同机构投资者持股企业间存在异质性;进一步研究发现,分析师关注对业绩期望落差与企业投资效率间关系具有显著调节作用,在减小业绩期望落差对过度投资抑制作用的同时,增强了业绩期望落差对投资不足的强化效应。研究结论拓展了投资效率的研究成果,丰富了业绩期望落差经济后果的研究视角。

In the context of high quality development requirements,improving the efficiency of enterprise investment and identifying its influencing factors have been highly concerned by the academic community.Using A-share listed companies from 2010 to 2019,this paper empirically examines the impact of performance expectation gap on corporate investment efficiency.The results show that the effect of performance expectation gap on investment efficiency is asymmetrical.While performance expectation gap improve the over-investment,it also aggravate under-investment.The grouping test shows that the impact of performance gap on investment efficiency is heterogeneous among different enterprises with different gap persistence,different property rights and different institutional investors holding shares.Further research finds that analysts’attention would suppress the negative effect of performance expectation gap on over-investment,and enhance the positive effect of performance expectation gap on under-investment.This paper expands the research results of investment efficiency and enriches the research perspective of the economic consequences of the performance expectation gap.