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ID:33813117
大小:1.76 MB
页数:55页
时间:2019-03-01
《市场估值对公司过度投资影响——基于中国上市公司实证的分析》由会员上传分享,免费在线阅读,更多相关内容在教育资源-天天文库。
1、ABSTRACTThispaperbeginswithaquotefromShlcifer(2000)inwhichheposesthequestion,“Doesmarketinefficiencyhaverealcomcq阻锄c韶?”Thedebateconcerningthequestion,“ifafirm’Ssharesaremisvalued,willmanagersoverinvest'’remainsunsettled.Sinceeconomictheorydoesnotprovideadefinitiveallgvceronit,empirica
2、levidenceisrequired.Inthispaper,weprovideempiricalevidenceonthelinksbetweenstockmarketovervaluationandbusiness丘xedinvestment.Wetrytostepbystepanswerthreequestionsasfollowing:1.Arelistedcompaniesmisvaluedbystockmarket?2.Doesmisvaluationbringonoverinvestment?3.Dorealcontrollershaveeffec
3、ts0noverinvestment?intlliSpaper,westudyonthelinksbetweenthetypeofrealcontrolleraswellasfirstshareholders’sharesholdandoverinvestment.InalargesampleofChinafirmsOVertheperiod1996—2005,wefmdsomefinnswithsmallsizeandlowincomealevaluedas四amourfirmsincapitalmarket.However,theyareovervaluedb
4、ystockmarket.Theyareapttolargeequityfinanceinordertoexpandwithoutgrowingincome。Thesefirmsoverinvestbecausetheybasetheirinvestmentdecisionsonatemporarilycheapcostofequityfinance.Managersmightinvestcapitalintoprojectswithnegativenetpresentvalue0qPV).Thus,theresourcesoffirmsarewasted.Mor
5、eover,wefindwhenthefirmsarecontrolledbylocalnationalcommitteesorstato-ownedenterprises,theyareapttooverinvest.VV'heothefirstshareholdershold20%.30%shares。thefirmsareinclinedtoovednvest.Inaword,malknovervaluarionwillbfillgonoverinvestment.Inaddition,whenthe矗lITISalecontrolledbylocalnat
6、ionalcommitteesorstate-ownedenterprises01"thefirstshareholdershold20%.30%shares.thefirmsareinclinedtooverinvest.Overinvestmentwillleadtomisallocationwhichmakesfirms’growingmechanisminappropriate.KeyWords:Overinvestment,GlamourFirms,ValueFirms,RealControlerCLC:F830.912第1章引言1.1研究背景及研究意义
7、理论上,股票市场为公司价值判断提供了客观依据,也为公司投资决策提供了一种价值信号。一些基于中国市场的实证研究表明,市场估值与公司内在价值之间存在显著相关性,且市场在一定程度上对内在价值做出了正确判断(张悦玫,李延喜,栾庆伟,2005).而另一些研究表明中国股票市场并不能提供有关公司财务绩效最为可靠的估计(李寿喜,2005),市场对上市公司的价值预期存在偏离(饶育蕾,王平,何蒇,2006)。由于公司可能拥有非公开信息,市场从而难以做出正确的估值;即使公司与市场拥有同样的信息,也可能由于股市投机泡沫的存在,使市场价值偏离公司的内在价值。本文在第二部分试图通过对中国A股
8、上市公司的
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