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本文从市场的信息汇集功能角度出发,通过理论模型和实证研究,探讨了股票交易频率对资本配置效率的影响。理论研究发现,过高的交易频率可能导致股票中包含的能够帮助公司优化投资决策的前瞻性信息减少,从而降低资本配置效率。对中国股票市场的实证结果也表明,股票交易频率越高的公司其资本支出对利润的敏感度越低,意味着在帕累托优化的意义上资本没有实现有效配置。
This article from the perspective of market information collection function, through theoretical models and empirical studies, discusses the impact of stock trading frequency on capital allocation efficiency. Theoretical studies have found that excessive trading frequency can lead to reduced forward-looking information contained in the stock that helps companies optimize their investment decisions, thereby reducing capital allocation efficiency. Empirical results on China’s stock market also show that companies with higher frequency of stock trading are less sensitive to profit on their capital expenditures, meaning that capital is not effectively configured in the Pareto optimization sense.