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4719在美国股市互联网泡沫破灭时，电话电报公司（AT&T）的首席执行官决定放弃一项长期投资。“公司股票已被重创，”他指出，“市场短视迫使我放弃了宏伟的转型计划。”投资者短视为何影响公司长期投资？文章使用国内某头部券商投资者交易账户的持股时间数据来度量投资者短视，研究发现投资者短视对公司长期投资水平有抑制作用，管理者削减长期投资迎合短视投资者对短期盈余的偏好，以达到提振短期股价的目的。公司股价对未预期盈余信息反应越强，管理者迎合程度越高。对管理者迎合动因及目的的检验也从侧面印证了迎合机制，管理者迎合短视投资者而报告更高的当期收益、创造收益惊喜以提振短期股价。迎合行为还给管理者带来利益，如更低的外部融资成本、更有利的股权减持行权条件以及更高的薪酬收入。进一步研究发现，分析师覆盖给管理者带来短期压力而增强了迎合作用。经济后果研究表明，管理者迎合投资者短视确实提升了短期业绩，但损害了公司长期价值。文章建立了投资者短视与公司投资决策的直接联系，补充了中小投资者影响公司决策的渠道及机制，研究结论为建立与实体发展所需资金期限相匹配的市场导向的金融体系提供了理论与方法依据。
投资者短视对公司长期投资的影响研究——基于管理者迎合机制
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引用本文
崔晓蕾, 高涛, 徐龙炳. 投资者短视对公司长期投资的影响研究——基于管理者迎合机制[J]. 财经研究, 2022, 48(8): 154-169.
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