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1、与非理性股价对公司投资行为的影响，以及产品市场竞争与非理性股价交互项对公司投资行为的影响。本文的不足之处在于本文仅考虑了国内产品市场竞争情况，但对着经济一体化与贸易壁垒的逐渐消除，国际产品市场竞争的强弱也会对本国企业的财务状况造成一定影响，进而会对投资决策产生抑制或促进的作用。此外，本文选用的衡量产品市场竞争程度的指标是但是仅能反映不同行业之间市场竞争程度的高低，而在行业内部，也有龙头企业与非龙头企业之分，行业内部也存在着竞争。关键字：股价波动，产品市场竞争，固定资产投资ABSTRACTWiththecontinuousex
2、pansionandimprovementofChina'sstockmarket,theimpactofthestockmarketontherealeconomyisgraduallydeepened.Stockmarketactsasaplatformforenterprises,andthepricevolatilityriskisappliedtotheenterprise.Underthecombinedeffectsoftwofactors,thecompany'sinvestmentplanswillbeaf
3、ected.Ontheonehand,theinvestmentplanneedsfundsasthefoundation.Thefundsisjustlikebloodthroughouttheentirebusinessmanagementprocess.Onlyafteraftillraisestart-upcapitalinvestment,planscanbelaunchedtimely.Ontheotherhand,thesharepricefluctuationswillaffectmarketexpectat
4、ionsforenterprisedevelopment.Oncetheturbulentstockmarketappears,atmosphereofpanicinthemarketwillbefollowed,andinvestorsarelikelywithdrawfundsoutofthestockmarket.Changesinthestockpriceshouldalsobeconsideredwhenmanagersmakeinvestmentdecisions.Duetothepresenceofinform
5、ationasymmetrybetweenmanagersandinvestors,managershaveaclearerunderstandingoftherealvalueofthecompany.Sowhenthestockpricecontinuedtorise,higherthanthetruevalue,managerstrendtomakeequityfinancing.Raisingfundscanbeatalowercostatthattime.Whenthestockwasundervalued,man
6、agersbelievedthatequityfinancingwashighercost,andwouldreducetheamountofequityfinancing.Changesinfund-raisingofcorporateisboundtobusinessinvestment,becausetherewillnotaddvalueforidlefunds.Inordertoreducetheopportunitycostoftheinvestment,investmentwillbeincreased.Sot
7、heimpactofstockmarketvolatilityoninvestmentinfixedassetsoflistedcompaniesisinfluential.Venturescannotbeseparatedfromcapitalmarket，，someextent,andfreecashflowisoneofthesourcesofavailableinvestmentfluids.Secondly,therearedifferentlevelsofcompetitioninproductmarketsin
8、differentsectors，，—madetwotheoreticalassumptions:stockpricevolatilityandinvestmentarepositivelycorrelated，——，，stockpriceonthestockinvestmentbehav
