摘要
信息不对称以及不完全理性会使投资者对企业价值的判断发生偏离,这就产生了可以被拥有信息优势的企业经营者利用的机会窗口。对我国增发企业的实证研究表明,我国股票市场上同样也存在机会窗口,增发前,发行企业的市值账值比和股价高估程度都显著大于规模-经营业绩配比企业,并且这种高估的机会窗口对企业的增发决策有着显著的正影响。
Investors are not always rational; besides, there is asymmetric information between investors and managers. The two factors contribute to investors＇ misvaluation of stock price, called windows of opportunity in the stock market. This article examines whether there are windows of opportunities in China＇s stock market, as well as its influence on listed companies＇ SEO decisions. Results suggest that the windows of opportunity theory also hold in China＇s stock market. The stocks of SEO firms are much more overvalued than Size-ROE based matching firms, and the relevant variables have a significantly positive effect on the SEO decision.
出处
《山东大学学报（哲学社会科学版）》
CSSCI
北大核心
2008年第2期81-89,共9页
Journal of Shandong University(Philosophy and Social Sciences)
