【摘要】 以2007—2016年间中国A股上市公司为样本,实证检验了股票错误定价对企业投资效率的影响,结果发现:股票错误定价显著促进了企业的非效率投资水平,且会加剧企业的过度投资与投资不足。进一步按股票错误定价程度将样本分为低错价组、中错价组与高错价组后回归,发现只有当股票高错价时,才会显著促进企业的非效率投资。此外,区分股票错误定价的方向,研究股价高错价与低错价对非效率投资的影响,发现二者都会加剧企业非效率投资。更多还原

【Abstract】 Taking China’s A-share listed companies from 2007 to 2016 as the samples, this paper conducts an empirical test on the impact of stock mispricing on the efficiency of corporate investment. The findings show that stock mispricing could significantly promote the level of non-efficiency investment of enterprises and will exacerbate the excessive or insufficient investment of the enterprises. When further dividing the samples into the lower mispricing group, the middle mispricing group and the higher mispricing group according to the level of stock mispricing, it is found from the regression that only the higher mispricing group can significantly promote the non-efficient investment of the enterprises. In addition, it is found that to distinguish the direction of stock mispricing and to study the impact of higher mispricing and lower mispricing on non-efficiency investment can both intensify the inefficient corporate investment.更多还原