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机构地区:[1]中山大学岭南学院,广州510275
出 处:《南方经济》2007年第3期3-14,共12页South China Journal of Economics
基 金:国家自然科学基金项目(项目批准号:70273060);国家社会科学基金(项目批准号:06BJY033)的资助
摘 要:本文运用行为公司金融理论,针对中国股票市场特殊的市场环境、制度背景提出可检验假设,验证由投资者情绪导致的股票错误定价对我国上市公司实际投资的影响。通过划分样本区间在市场反转的框架下分析主导机制和迎合机制的作用,运用PVAR模型研究主动融资机制的作用,得出如下主要结论:(1)在中国股票市场反转时期迎合机制起着主导作用;(2)上市公司更多的出于操纵的目的迎合投资者强烈的情绪进行实际投资,对最大化流通股股东短期收益考虑的并不多;(3)中国股票市场仍然存在主动融资机制,对于高流通市值公司尤为突出,但现行投、融资行政审批制度的政策约束会造成股票定价偏高——低成本发行新股融资——实际投资上升的传导时滞。Based on behavioral corporate financial theories ,this paper examine the effect of investors sentiment on the real investment of China listed companies. The special market environment and the system background of the china stock market are we concerned. We analyze the dominant mechanism and the effect of catering mechanism in the framework of market reversal. And we make use of PVAR model to analyze the effect of active financing mechanism. We get the flowing conclusions. (1) The catering mechanism is the dominant mechanism in the period of market reversal. The listed companies mako investment decision mainly for the purpose of manipulation and care little about the investors' short-term profit. (2 )There is active financing mechanism in China stock market, especially for the companies that have higher circulating shares. But there is delay because of the administrative stipulation of the real investment and financing.
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