市场时机与中国上市公司投资行为——基于股权融资渠道的实证检验

文章选取中国A股市场2004-2009年面板数据,实证检验了中国市场时机影响公司投资的股权融资渠道,并深入分析了市场时机影响上市公司投资的机理过程及经济后果。结果表明,中国资本市场存在显著市场时机影响公司投资的股权融资渠道,通过分析市场时机对公司投资—现金流敏感度的影响,发现股权融资渠道在缓解融资约束公司投资不足的同时也造成了非融资约束公司的过度投资。最后,实证检验表明,市场时机对上市公司投资效率的影响显著为负。

Market Timing and the Investment of Chinese Listed Companies:An Empirical Test of Equity-dependent Theory

Based on a panel data from 2004 to 2009 of Chinese A-Share market,this paper,from an equity financing perspective,tries to investigate how market timing affects corporate investment.We have a deep analysis of the efficiency of such investment by studying the investment-cash flow sensitivity.The results show that market timing have a significant influence on corporate investment through equity financing.The investment-cash flow sensitivity analysis equity financing alleviates the problem of insufficient inve...