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本文基于我国A股市场制造业上市公司面板数据,运用价格分解方法,首先分解出了股票价格中的非基本面部分,然后按照股权分置改革完成前后,对股票价格基本面与非基本面部分和企业投资水平进行了分段回归。在控制其他相关变量的前提下,研究发现,在股权分置改革完成前,股价的基本面和非基本面部分对企业投资都存在显著的正向影响,并且在控制基本面影响后,非基本面的影响仍然是显著的。在股权分置改革完成后,股价的基本面和非基本面对投资都有不显著的负向影响,表明股权分置改革可能使股票价格对投资有所限制,并产生积极治理绩效。这一结论说明,我国上市公司的投资决策中可能隐含某种非理性成分。
Based on the panel data of manufacturing listed companies in China’s A-share market, this paper decomposes the non-fundamental parts of the stock price using the price decomposition method. Then, according to the non-fundamental aspects of the stock price before and after completion of the share-trading reform, And the level of investment in enterprises conducted a sub-regression. On the premise of controlling other related variables, the study found that before the completion of the share-trading reform, the fundamentals and non-fundamentals of the stock price have a significant positive impact on the investment of the enterprises, and after controlling the fundamentals, the non-basic The impact of the surface is still significant. After the split share structure reform is completed, both the fundamentals and non-fundamentals of the stock price have an insignificant negative impact on the investment, indicating that the split share structure reform may limit the stock price to the investment and produce positive governance performance. This conclusion shows that the investment decision of Chinese listed companies may imply some irrational component.