摘要
行为公司金融理论表明,在企业内在价值和最优投资水平不变的假设下,投资者非理性情绪导致的市场错误定价会影响企业的投资决策,并导致企业投资决策的非效率化。本文在考虑投资者情绪对企业利益相关者对企业预期和行为决策影响的情况下,通过构建拓展的迎合投资决策模型,从理论和实证两个方面分析了市场错误定价下的企业投资效率问题。研究表明,市场错误定价会改变利益相关者对企业的预期和行为决策,并由此导致企业内在价值和最优投资水平的变化,此情形下的企业迎合投资决策并非无效。
Empirical studies within the frame of investors＇ approach in corporate finance theories demonstrate that market mispricing could influence managers＇ investment decisions. Polk and Sapienza （2009） proposed catering theory of corporate investment decisions, which is regarded as the most efficient explanation for the relation between such market behavior and corporate decisions. They point out that if managers reject the investment on the project that inves- tors think profitable, investors （shareholders） might be compelled to reduce shareholding period, leading to external pressure of corporate management. Hence, managers, aware of short-term share price, may expand or tighten investment in accordance with investors, i.e. give rise to catering investment behavior. It is indicated by the theories of catering finance that, under the assumption of constant intrinsic value and optimal investment, firm＇s real investment will cater the investor sentiment in markets. Most scholars inside and abroad sim- ply regard that the change in catering-based investment will distort the resource allocation. This paper observes the economic results of catering investment behavior and point out stakeholders as a chan- nel linking market and long-term corporate value after releasing the assumption of the invariability of constant fundamental value and optimum investment level under investor irrational assumption. That is, investor sentiment might influence corporate stakeholders＇ antici- pation of corporate value; when corporate is overpriced in market, stakeholders will increase the investment and efforts of corporate cooperation, including banks＇ credit conditions of this company, co- operation conditions of upstream and downstream firms, diligence of employees and so on. Such anticipation and behavior change may improve the business environment, followed by even lower marginal cost of capital and much higher marginal revenue product of labor, which eventually bring about corporate value enhancement and investment le
出处
《南开管理评论》
CSSCI
北大核心
2012年第6期14-24,共11页
Nankai Business Review
基金
中央高校基本科研业务费专项资金(20101050101000231)资助
关键词
行为公司金融
投资者情绪
利益相关者
迎合渠道
Behavior Corporate Finance
Investor Sentiment
Catering Channel
Investment Decision
