股价与企业投资关系研究比较——基于管理层操控和投资者非理性视角
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外国经济与管理 2011 年 第 33 卷第 06 期, 页码：59 - 65
摘要
参考文献
摘要
根据不同的股价影响主体,有关股价与企业投资关系的研究可归纳为两种视角:一是立足于企业内部,研究管理层操控对股价与企业投资关系的影响;二是立足于企业外部,研究投资者非理性行为对股价与企业投资关系的影响。本文基于管理层操控和投资者非理性视角,对股价与企业投资关系的相关研究文献进行了梳理,就两者在假设前提和主要衡量指标、作用机制及对企业资本配置效率的影响方面的异同进行了比较和述评,以期推动后续研究深入开展,并为我国上市公司和监管部门提供借鉴和启示。
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[6]Polk,Christopher,and Sapienza,Paola.The stock market and corporateinvest ment:Atest of cateringtheory[J].Reviewof Finan-cial Studies,2009,22(1):187-217.
[7]Myers,S,and Majluf,N.Corporate financing andinvest ment decisions whenfirms haveinformationthat investors do not have[J].Journal of Financial Economics,1984,13(2):187-222.
[8]Bushman,R M,and Smith,AJ.Transparency,financial accountinginformation and corporate governance[J].Economic Policy Re-view,2003,9(l):65-80.
[9]Baker,M,Stein,J C,and Wurgler,J.When does the market matter?Stock prices and the invest ment of equity dependent firms[J].Quarterly Journal of Economics,2003,118(3):969-1 006.
[10]Bakke,Tor-Erik,and Whited,Toni M.Whichfirms followthe market?An analysis of corporateinvest ment decisions[J].Reviewof Financial Studies,2010,23(5):1 941-1 980.
[11]Biddle,G C,and Hilary,G.Accounting quality and firmlevel capital invest ment[J].The Accounting Review,2006,81(5):963-982.
[12]Verdi,R.Financial reporting quality andinvest ment efficiency[R].Working Paper,Massachusetts Institute of Technology,2006.
[13]McNichols,MF,and Stubben,S R.Does earnings management affect firms invest ment decisions?[J].The Accounting Review,2008,83(6):1 571-1 603.
[14]Kedia,Si mi,and Philippon,Thomas.The economics of fraudulent accounting[R].Working Paper,Rutgers University,2006.
[15]Hoberg,G,and Phillips,G.Real and financial industry booms and busts[J].The Journal of Finance,2010,2(1):45-85.
引用本文
夏芳, 谭跃, 张跃龙. 股价与企业投资关系研究比较——基于管理层操控和投资者非理性视角[J]. 外国经济与管理, 2011, 33(6): 59–65.
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