论文部分内容阅读
利用信息—噪声、股票市场—公司投融资决策分析框架,分三种情况讨论了我国A股市场的资源配置效率。我国A股市场作为一个整体而言,在Tobin-Q的意义上是缺乏效率的。通过对信息分组的实证分析发现,在我国A股市场上,即使股价中包含更多的关于公司未来前景的信息,这些公司在投融资决策中仍然没有体现出Tobin-Q意义上的资源配置效率。通过对噪声分组的实证分析发现,在我国A股市场上,存在公司决策层有意利用资本市场对于公司内在价值的估值偏离进行恶意圈钱和投资的现象。
Using the information-noise, stock market-company investment and financing decision-making framework, this paper discusses the efficiency of resource allocation in China’s A-share market in three situations. As a whole, the A-share market in our country is inefficient in the sense of Tobin-Q. Through the empirical analysis of the information grouping, it is found that in China’s A-share market, even if the stock price contains more information about the company’s future prospects, these companies still do not reflect the efficiency of resource allocation in Tobin-Q in the investment and financing decision-making . Through empirical analysis of noise grouping, it is found that in the A-share market of our country, there is a phenomenon that the company’s decision makers intentionally use the capital market to deviate the valuation of the intrinsic value of the company from malicious misappropriation and investment.