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本文在我国股票市场制度背景下运用择时融资理论解释股价通过股权融资渠道影响公司投资水平的理论机制,并将Tobin’Q分解成偏离基本面和未来投资机会两部分,以我国A股公司为样本实证检验偏离基本面的股价对公司投资水平的影响。检验结果为,股价高估会通过股权融资渠道对公司投资产生显著影响,并且股价高估程度越高,则偏离基本面的股价对公司投资水平的影响程度也越高。股价低估时,虽然偏离基本面的股价也会显著影响到公司投资水平,但其影响程度和显著性要远低于股价高估时的情形。因此,在我国股价高估或低估对公司投资影响是不对称的。
Based on the background of China’s stock market system, this paper uses the theory of timing financing to explain the theoretical mechanism of the stock price impacting the company’s investment through the financing channels of equity, and divides Tobin’Q into two parts, deviating from the fundamentals and future investment opportunities. Sample empirical test deviation from the fundamentals of the stock price of the company’s investment level. The test results show that the overestimation of share price will have a significant impact on the company’s investment through the equity financing channel, and the higher the stock price overestimation, the higher the deviation from the fundamentals of the stock price on the company’s investment level. When the stock price is underestimated, although the deviation from the fundamentals of the stock price will also significantly affect the company’s investment level, but its extent and significance is much lower than when the stock price is overvalued. Therefore, the overvaluation or underestimation of the share price in our country has an asymmetric impact on the investment of the company.