| 投资内生化的企业融资适应能力和超额收益信息动态研究 |
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| 引用本文： | 邓冰,陈收.投资内生化的企业融资适应能力和超额收益信息动态研究[J].财经理论与实践,2015(3):39-45. |
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| 作者姓名： | 邓冰 陈收 |
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| 作者单位： | 湖南大学 工商管理学院,湖南 长沙,410082 |
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| 基金项目： | 国家自然科学基金资助项目(71221001,71031004,71202137) |
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| 摘 要： | 将内生化资本投资与融资引入超额收益动态模型，对公司当期盈利能力、资本投资融资与未来盈利能力之间的逻辑关系进行研究。发现在资本投资与融资内生化情形中，未来超额收益与当期超额收益之间为非线性信息动态，而不是简单的线性信息动态，同时表明公司 t+1期超额收益与 t 期超额收益之间的斜率和曲率受融资适应能力的影响。
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| 关 键 词： | 融资适应能力 超额收益 盈余信息动态 |
Endogenous Investment,Enterprise Finance adaptability and Excess Income Information Dynamics Evidence from empirical research of Chinese listed company |
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| DENG Bing,CHEN Shou.Endogenous Investment,Enterprise Finance adaptability and Excess Income Information Dynamics Evidence from empirical research of Chinese listed company[J].The Theory and Practice of Finance and Economics,2015(3):39-45. |
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| Authors: | DENG Bing CHEN Shou |
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| Institution: | DENG Bing;CHEN Shou;College of Business Administration,Hunan University; |
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| Abstract: | This paper introduces capital investment and finance into the dynamic model of re-sidual income and investigates the logical relationship of current residual profitability,capital in-vestment and finance,and future profitability.The theoretical analysis of this paper indicates that future profitability is non-linear information dynamics of current profitability other than the simple linear information dynamics.Slope and curvature of residual income for period t+1 to re-sidual income for period t are both influenced by scale of capital investment and financing adaptab ility. |
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| Keywords: | Financing adaptability Residual income Income information dynamics |
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