股票误定价、企业金融化行为与“脱实向虚”——基于迎合投资理论的研究  

Mispricing of Stocks,Financialization Behavior of Enterprises and“Being Diverted from Real Economy”-A Study Based on Catering Investment Theory

作　　者：俞毛毛 钱金娥 Yu Maomao;Qian Jin’e

机构地区：[1]江西省社会科学院经济研究所 [2]湖北文理学院数学与统计学院,湖北省襄阳市

出　　处：《金融学季刊》2024年第2期154-179,共26页Quarterly Journal of Finance

基　　金：国家自然科学基金青年项目(71803017)的资助

摘　　要：本文运用2011~2020年A股上市公司样本,构造企业股票误定价指标,基于迎合投资理论,研究股票误定价对企业金融化行为影响,以及上述行为是否存在“脱实向虚”特征。研究结果可知:首先,正向股票误定价的增加,会显著增强企业短期金融资产配置意愿。外部监督的提升会弱化上述作用。其次,从具体机制分析来看,迎合机制中的股权融资动机是上述机制形成的主要原因,误定价带来的股权融资比例提升会显著增强企业短期金融资产配置意愿。最后,误定价引致的企业金融化行为,一定程度存在“脱实向虚”特征。文章研究结论对于如何通过市场机制的完善,合理引导企业投资行为,抑制“脱实向虚”,具有重要的理论与实践意义。In this paper,samples of A-share listed companies from 2011 to 2020 are used to create the index of corporate stock mispricing.Based on the catering investment theory,the influence of stock mispricing on corporate financialization behavior is studied,and whether the above behavior is characterized by“being diverted from real economy”.Results show that:Firstly,the increase of positive stock mispricing will significantly enhance the willingness of enterprises to allocate short-term financial assets.The improvement of external supervision will weaken the above effect;Secondly,from the perspective of specific mechanism analysis,catering to the equity financing motivation in the mechanism is the main reason for the formation of the above mechanism.The increase of the proportion of equity financing brought by mispricing will significantly enhance the willingness of enterprises to increase short-term financial assets.Thirdly,firms’short-term financial investment induced by stock mispricing has the characteristic of“being diverted from real economy”.The conclusion has important theoretical and practical significance for guiding the investment behavior of enterprises,and restraining the enterprises from“being diverted from real economy”through the improvement of the market mechanism.

关 键 词：股票误定价 金融化投资 迎合投资理论 “脱实向虚” 

分 类 号：F275[经济管理—企业管理] F832.51[经济管理—国民经济]