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资本市场错误定价如何影响实体经济是一个具有深远意义的问题,如何准确度量错误定价是研究这一问题的关键,但人们更关注在此基础上,错误定价会对实体经济产生什么影响以及通过何种途径产生影响。本文采用可操控应计利润作为错误定价的代理变量,运用2000-2012年A股上市公司年度数据,研究了股票市场错误定价对公司投资的影响及影响途径。研究发现,股价高估会促进公司投资,但主要作用于高融资约束公司,对低融资约束公司没有显著影响。进一步研究发现,股价高估不仅会促进高融资约束公司的股权融资,还会促进其债务融资,进而放松融资约束,促进公司投资。进一步对不同所有权性质公司的研究发现,对于外部融资环境较差的民营公司,股价高估可以通过放松融资约束的途径促进公司投资;而对国有公司则不存在这种影响。本文的研究表明,在资本市场存在摩擦、公司面临较高融资约束的情况下,股价高估可以通过放松融资约束的途径促进公司投资,改善资源配置。
How the incorrect price of capital market affects the real economy is a far-reaching issue. How to accurately measure the wrong pricing is the key to this problem, but people pay more attention to what effect the wrong pricing will have on the real economy, Ways to influence. In this paper, we use discretionary accruals as the proxy variable of the wrong pricing, and use the annual data of A-share listed companies from 2000 to 2012 to study the impact of wrong pricing on the investment of the company and its influence. The study found that overestimation of stock prices will promote the company’s investment, but the main role of the high financing constraints companies, low financing constraints companies did not have a significant impact. Further research finds that overvaluation of stock price will not only promote the equity financing of companies with high financing constraints, but also promote their debt financing, thereby easing the financing constraints and promoting the company’s investment. Further studies on companies with different ownership types show that for the privately-run companies with poor external financing environment, the overestimation of share prices can promote the company’s investment by relaxing the financing constraint, but it does not affect the state-owned companies. The research in this paper shows that under the condition of capital market friction and high financing constraints, the overvaluation of stock price can promote corporate investment and improve the allocation of resources through the relaxation of financing constraints.