| 股价信号、项目价值与公司投资行为选择 |
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| 引用本文： | 孙建波.股价信号、项目价值与公司投资行为选择[J].金陵法律评论,2007(2):63-68. |
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| 作者姓名： | 孙建波 |
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| 作者单位： | 南京大学经济学系,江苏南京210093 |
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| 摘 要： | 资本市场和实体经济之间存在密切关系,资本市场资源配置效率决定了股价信号与公司投资的关系.将股价信号、项目价值与公司投资纳入一个统一的框架体系,利用逐步回归方法,对我国长江三角洲地区制造业上市公司资料的实证检验表明,股价信号对公司投资决策有一定的影响,在我国目前信息不对称、市场投机严重等不完全市场的条件下,对公司投资会产生过度的激励.
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| 关 键 词： | 股价信号 项目价值 投资行为选择 |
| 文章编号： | 1001-4608（2007）02-0063-06 |
| 修稿时间： | 2006-09-29 |
Stock Price Signal, Project Value and Corporate Investment Option |
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| SUN Jian-bo.Stock Price Signal, Project Value and Corporate Investment Option[J].Journal of Nanjing Normal University (Social Science Edition),2007(2):63-68. |
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| Authors: | SUN Jian-bo |
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| Institution: | Economics Department, Nanjing University, Nanjing 210093, China |
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| Abstract: | Capital market is closely related with real economy. The allotted efficiency of capital market determines the relationship type between the stock price signal and corporate investment behavior. By anglicizing stock price signal, project evaluation, and corporate investment behavior in one framework through stepwise regression, this thesis tests the digit of the listed manufacture companies from the Yangtze Delta, and finds that the stock price signal has excessive influence on the investment option. |
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| Keywords: | stock price signal project value investment determining |
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