上市公司股权融资与投资行为研究——基于非有效市场视角  

Shareholding financing and investment behavior of Chinese listed companies: An angle of vision based on ineffective market

作　　者：郝颖[1] 刘星[1] 

机构地区：[1]重庆大学经济与工商管理学院,重庆400030

出　　处：《科研管理》2008年第5期126-137,共12页Science Research Management

基　　金：国家自然科学基金项目"大股东控制下的中国上市公司资本配置行为研究"(项目批号:70772100)的阶段性成果;教育部人文社科项目"股权全流通条件下的大股东行为及其效应研究"(项目批号:07JC630009)的阶段性成果

摘　　要：基于行为公司财务研究视角,首先对我国资本市场的非有效性及其通过股权融资渠道影响企业投资行为的传导机制进行了理论阐释。在此基础上,本文对不同股权融资结果和融资规模下的公司投资行为进行了实证研究。研究结果表明:(1)我国资本市场融资条件通过股权融资渠道对公司投资行为产生了不同程度的影响。(2)对于未取得股权融资的公司,股票市价与企业投资水平不相关。(3)对于取得了股权融资的公司,股票市价与企业投资水平显著正相关。(4)股权融资的规模越小,企业投资水平对股票市价的敏感性越高。(5)股权融资的规模越大,内部人控制下的公司投资行为倾向于更大规模的扩张。Based on the view of behavioral corporation finance, firstly, the ineffective finance condition in Chinese stock market and its impact on the corporation investment behavior through shareholding financing channel are theoretically elucidated. Subsequently, the corporation investment behavior under the different shareholding financing result and size is empirically studied. The conclusions are ： （ 1 ） the ineffective finance condition in Chinese stock market through shareholding financing channel impacts on corporation investment behavior with various degrees;（2）for the corporation unable to acquire shareholding financing, the stock price is is irrelevant to the corporation investment level;（3 ）for the corporation acquired shareholding financing, the stock price shows a positive correlation with the corporation investment level; （4） the size of shareholding financing is less, the investment level is more sensitive to the stock price; （5）the size of shareholding financing is larger, the investment level is more inclined to expand under the insider control.

关 键 词：非有效市场 股权融资 投资行为 行为公司财务 

分 类 号：F830.2[经济管理—金融学] F831.5