股票价格对投资的影响:资产负债表效应分析  

The Influence of Stock Price on Investment:The Analysis of the Balance Sheet Effect

作　　者：韩克勇[1] 王劲松[2] 

机构地区：[1]山西省社会科学院,山西太原030006 [2]复旦大学经济学院,上海200433

出　　处：《财经理论与实践》2013年第5期43-46,89,共5页The Theory and Practice of Finance and Economics

摘　　要：资产负债表效应是股票价格影响投资的重要渠道。股票价格的波动除了会通过影响托宾Q值而影响上市企业的融资成本,进而影响上市企业的投资外,还会通过影响企业的净值进而影响企业从银行获得贷款的能力而影响企业的投资。而投资是总需求的重要组成部分,也是股票价格影响物价水平的重要方面,因此,研究股票价格对投资的影响,即对资产负债表效应的研究,对于研究股票价格对物价稳定的影响具有重要的理论意义和实践价值。The balance sheet effect is the important channel of stock price influencing invest- ment. The fluctuation of stock price, besides influences the financing cost of listed companies through influencing Tobin Q, and then influences the investments of them, but also influences their abilities of getting loans from banks through influencing their net worth, and then influ- ences their investments. While the investment is the important part of aggregate demand （AD）, and also the important aspect of stock price influencing price level, so there are great theoretical significance and practical value researching the influence of stock price on investment, that is the research of the balance sheet effect.

关 键 词：股票价格 投资 资产负债表效应 

分 类 号：F830.91[经济管理—金融学]