公司的资本成本与投资理性——来自沪深上市公司的证据

本文对我国上市公司的投资行为及其影响因素进行了实证研究。结果表明：（1）上市企业的投资决策受资本成本的约束显著，符合市场理性；（2）企业投资对内部现金流、外部负债融资和股权融资都具有敏感性，但回归系数依序递减，可能说明了不同融资形式的成本差异；（3）产品市场需求增长为企业带来了有价值的投资机会，具有拉动企业投资的显著作用。

Capital Cost and Corporate Investment Behavior

This paper makes an empirical study of investment behavior and behavior determinants of Chinese listed companies. The result shows that investment behavior is markedly affected by capital cost. Furthermore, the investment is sensitive to the inside cash flow, debt and stock issue, but the sensitivity varies case by case. The paper also finds that the growth of demand can boost investment significantly and the impact is obvious.