股票公开上市与企业投资对同行股价信息的依赖  

Impact of Listing on the Sensitivity of Enterprises'Investment to Peers'Stock Prices Information

作　　者：方军雄[1] 刘雅丹 FANG Junxiong;LIU Yadan(School of Management, Fudan University, Shanghai 200433, China)

机构地区：[1]复旦大学管理学院,上海200433

出　　处：《南京财经大学学报》2020年第1期85-97,共13页Journal of Nanjing University of Finance and Economics

基　　金：国家自然科学基金项目“制度变迁、股价崩盘经济后果与修复策略研究”(71872048)。

摘　　要：利用中国1999—2017年的A股企业作为样本,研究股票公开发行上市后,企业投资对于重要决策信息源之一——同行企业股价信息依赖程度的变化,并进一步从替代效应和行为直觉两个视角,考察了导致这一变化的机制。研究发现,企业在公开发行上市之后,其投资对于同行企业股票价格信息的敏感性有显著的提升。机制检验的结果显示,中国企业的管理者制定投资决策时对同行信息的利用是一个从无到有的跳跃式过程,信息选择更可能是行为直觉引导而非信息替代效应引导。据此提出,实现中国资本市场资源有效配置的目标,还需要企业管理者优化并提高对投资信息资源利用的方法和效率。Based on data set of Chinese A-share firms from 1999 to 2017,this paper investigates change on dependence of investment decisions on one of the most important information sources-stock price information of peer firms,after listing.Furthermore,mechanism of this change is examined from the perspectives of substitution effect and behavioral intuition.The study has found that sensitivity of investment to stock price information of peer firms has been significantly improved after listing.The results of mechanism test indicate that in China,the use of peer information in managerial investment decision-making is a leap,the choice of investment opportunity information is led by behavioral intuition rather than substitution effect.These results suggest that it is necessary for enterprise managers to optimize and improve the methods and efficiency of the use of investment information resources to achieve the effective allocation of resources in China's capital market.

关 键 词：公开发行上市 投资决策 同行公司股价信息 行业托宾Q 

分 类 号：F832.48[经济管理—金融学]