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论文编号：	7476
作者编号：	2120132408
上传时间：	2015/6/10 14:54:59
中文题目：	我国股票市场股价信号对企业投资支出的影响研究—来自沪深两市A股制造业企业的经验数据
英文题目：	Research on Effects of Stock Price signals on Corporate Investment — Based on Manufacturing Companies'''' Data Listed inShanghai and Shenzhen Securities Exchange
指导老师：	李莉 教授
中文关键字：	股价信号； 企业投资支出； 融资约束； 托宾 Q
英文关键字：	stock price； Firm-level investment； financing constraints； Tobin’s Q
中文摘要：	企业投资决策一直都是备受学者关注的公司财务问题，而传统的相关研究 一般集中在企业内部, 即从委托代理和信息不对称等视角考察管理层对企业投 资的影响(Myers 和 Majluf,1984) 。 近年来， 随着资本市场在经济发展中发挥日 益 重 要 的 作 用 ， 学 者 们 开 始 意 识 到 企 业 外 部 即 资 本 市 场 的 驱 动 影 响 (Baker,2009) 。股票市场是市场投资者与企业发生关系的重要媒介，而股票价 格高低则从某种程度上体现了投资者对企业的认可度。投资者对企业的这种认 可，是否会影响企业内部的投资决策，值得深入探讨。 对股权融资依赖越大， 企业对股价高低反应也就越强烈（Baker 等， 2003) 。 Chirinko（2006) 等认为，在市场投资者情绪强烈时（一般股价较高），企业发 行股票进行融资可以降低融资成本，缓解融资约束，从而扩大企业投资规模。 而我国上市公司普遍存在着有悖于经典优序融资理论的股权融资偏好（黄少安 和张岗， 2001）， 这就为我们研究的开展提供了有利条件。 本文从股票市场的投 资效用出发， 充分借鉴了公司财务学、 金融学、 会计学等相关理论的研究成果， 实证考察了我国股票市场股价信号对企业投资支出的影响。为进一步探究股价 信号与企业投资支出的作用路径，本文引入了融资约束作为中介变量。本文试 图用微观的经验数据解释“资金流入股市也是支持实体经济” (周小川， 2015）， 希望可以为我国进一步发展多层次资本市场，提高直接融资比例，降低企业的 资金杠杆率（李克强， 2015）， 提供一定的微观层面的经验证据。 本文研究发现，股价信号对我国上市公司融资约束具有显著性影响，同时 我国上市公司投资支出对股价反应较敏感，即股价相对较高时，企业融资约束 较低，企业更具有投资冲动。另一方面，由于我国资本市场的市场化程度低、 市场有效性弱， 存在“政策市” 的现象（唐平和刘燕， 2008）， 故股价与企业投 资的关系又受到政府相关政策的影响，出现股市与实体经济、股价与企业投资 支出的“背离”（朱伟骅， 2008）。总的来说，随着我国股票市场的市场化程度 不断提高，股票市场的投资效应逐渐加强，股市将在缓解企业融资约束、 促进 企业投资支出、 支持实体经济发展方面发挥越来越重要的作用。 图 4 幅，表 7 个，参考文献 56 篇。
英文摘要：	Enterprise investment decision has always been a scholar watches company financial problems, but the traditional studies generally concentrated in the enterprise internal, that is, from the principal-agent perspective and asymmetric information management influence on corporate investment (Myers and Majluf, 1984). In recent years, as capital markets play an increasingly important role in economic development, the scholars began to realize that the enterprise outside the driving effect of capital market (Baker, 2009). The stock market is an important medium of sex market investors and enterprises, and stock price to some extent reflects the investors for the recognition of the enterprise. Investors this recognition of the enterprise, will affect the enterprise internal investment decisions, worth further discussing.Dependence on equity financing, the greater the enterprise to respond to price high and low will be strong (Baker, 2003). Chirinko (2006) argues that when market sentiment strong (generally higher) share prices, companies to issue shares to finance can reduce the cost of financing, alleviate the financing constraints, so as to enlarge the scale of business investment. The listed companies in our country generally exist in contrary to the classical optimal sequence financing theory of equity financing preference (Huang and Zhang , 2001), it's provided favorable conditions for our research. In this paper, starting from the investment effect of stock market, fully draw lessons from the corporate finance, finance, accounting or related theoretical research,empirical research the Chinese stock market share price signals affect business investment spending. In order to further explore the role of price signals and enterprise investment spending path, this paper introduces the financing constraints as intermediary variable. This paper tries to use micro empirical data to explain "inflows into the stock market is also support the real economy" (Zhou, 2015), the hope can for the further development of multi-level capital market in our country, increase the proportion of direct financing, reduce the enterprise's capital leverage (Li, 2015),provide a certain amount of micro-level empirical evidence.In this paper, the study found that, the stock price signal has significant effects on China's listed companies financing constraints and investment spending on stock prices of listed companies in our country at the same time sensitive reaction, when the share price is relatively high, enterprise financing constraints is lower, more investment impulse. On the other hand, due to the low degree of marketization of China's capital market, weak market effectiveness, exists the phenomenon of "policy market" (Tang and Liu,2008), so the share price and the relationship between corporate investment and influenced by government policy, the stock market and the real economy, stock prices and business investment spending "divergence" (Zhu,2008). In general, as the Chinese stock market, constantly improve the marketization,investment effect of stock market to strengthen gradually, the stock market will ease the financing constraints, promote enterprise investment spending and support the development of the real economy plays a more and more important role. Figure 4,able 7, 56 references.
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