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股市的泡沫会如何影响公司的融资和投资决策?本文以一个模型讨论了这个问题。分析结果表明,当公司管理层认识到泡沫并能利用泡沫的时候,会表现出股权偏好的特征,投资方面,从外部投资者的角度来看,公司显得在某些项目上投资不足,在某些项目上投资过度。同时,本文的结论还有助于解释公司在上市后的业绩下滑现象。
How does a stock market bubble affect a company’s financing and investment decisions? This article discusses the issue with a model. The results of the analysis show that when the management of a company understands the bubble and can take advantage of the bubble, it shows the characteristics of ownership preference. From an external investor’s point of view, the company appears to be underinvested in some projects. In terms of investment, Over-investment in these projects. At the same time, the conclusion of this article also helps to explain the company’s performance decline after the listing.