Capital Market Mispricing and Corporate Financial Asset Investment

doi:10.15936/j.cnki.1008-3758.2023.02.005

Abstract

Abstract: Based on the data from the listed companies from 2007 to 2019， the impact and mechanism of capital market mispricing on corporate financial asset investment are investigated from the perspective of performance pressure due to corporate overvaluation. The results find that stock price overvaluation significantly increases corporate financial asset allocation. The mechanism tests show that capital market mispricing acts on corporate financial asset investment through the channels of catering and financing constraints. Managers tend to increase financial assets out of catering when investors are more short-sighted and the gap between the financial and operating rates of returns is larger. Stock price overvaluation reduces firms' financing constraints by increasing equity financing， which provides firms with funds to invest in financial assets. The impact of mispricing on financial asset investment is more significant in the group with higher investors' limited concerns， more short-sighted managers， and when the stock market is in a bear market.

Key words: capital market mispricing; stock overpricing; financial asset investment; financing constraint

CLC Number:

F830.59

XU Tianli， ZHU Siyuan. Capital Market Mispricing and Corporate Financial Asset Investment[J]. Journal of Northeastern University(Social Science), 2023, 25(2): 33-42.

References

[1]彭俞超，韩珣，李建军. 经济政策不确定性与企业金融化［J］. 中国工业经济， 2018(1):137-155.
[2]Jensen M C. Agency Costs of Overvalued Equity［J］. Financial Management， 2005，34(1):5-19.
[3]Chi J，Gupta M. Overvaluation and Earnings Management［J］. Journal of Banking & Finance， 2009，33(9):1652-1663.
[4]胡奕明，王雪婷，张瑾. 金融资产配置动机:“蓄水池”或“替代”?——来自中国上市公司的证据［J］. 经济研究， 2017，52(1):181-194.
[5]闫海洲，陈百助. 产业上市公司的金融资产:市场效应与持有动机［J］. 经济研究， 2018，53(7):152-166.
[6]陆蓉，兰袁. 中国式融资融券制度安排与实体企业金融投资［J］. 经济管理， 2020，42(8):157-172.
[7]李君平，徐龙炳. 资本市场错误定价、融资约束与公司投资［J］. 财贸经济， 2015(3):88-102.
[8]Dong M，Hirshleifer D，Teoh S. Misvaluation and Corporate Inventiveness［J］. Journal of Financial and Quantitative Analysis， 2020，56(8):1-29.
[9]D'mello R，Shroff P K. Equity Undervaluation and Decisions Related to Repurchase Tender Offers: an Empirical Investigation［J］. The Journal of Finance， 2000，55(5):2399-2424.
[10]Benlemlih M，Ge J，Zhao S. Undervaluation and Nonfinancial Information: Evidence from Voluntary Disclosure of CSR News［J］. Journal of Business Finance & Accounting， 2021，48(5/6):785-814.
[11]陆蓉，何婧，崔晓蕾. 资本市场错误定价与产业结构调整［J］. 经济研究， 2017，52(11):104-118.
[12]Bird R，Menzies G，Dixon P，et al. The Economic Costs of US Stock Mispricing［J］. Journal of Policy Modeling， 2011，33(4):552-567.
[13]李善民，黄志宏，郭菁晶. 资本市场定价对企业并购行为的影响研究——来自中国上市公司的证据［J］. 经济研究， 2020，55(7):41-57.
[14]李君平，徐龙炳. 资本市场错误定价、融资约束与公司融资方式选择［J］. 金融研究， 2015(12):113-129.
[15]Polk C，Sapienza P. The Stock Market and Corporate Investment: a Test of Catering Theory［J］. The Review of Financial Studies， 2008，22(1):187-217.
[16]Kahneman D，Tversky K A. Prospect Theory:an Analysis of Decision Under Risk［J］. Econometrica， 1979，47(2):263-291.
[17]Baker M，Stein J C，Wurgler J. When Does the Market Matter? Stock Prices and the Investment of Equity-dependent Firms［J］. The Quarterly Journal of Economics， 2003，118(3):969-1005.
[18]顾雷雷，郭建鸾，王鸿宇. 企业社会责任、融资约束与企业金融化［J］. 金融研究， 2020(2):109-127.
[19]Rhodes-Kropf M，Robinson D T，Viswanathan S. Valuation Waves and Merger Activity: the Empirical Evidence［J］. Journal of Financial Economics， 2005，77(3):561-603.
[20]刘京军，徐浩萍. 机构投资者: 长期投资者还是短期机会主义者?［J］. 金融研究， 2012(9):141-154.
[21]宋军，陆旸. 非货币金融资产和经营收益率的U形关系——来自我国上市非金融公司的金融化证据［J］. 金融研究， 2015(6):111-127.
[22]Kahneman D. Attention and Effort［M］. Englewood Cliffs: Prentice-Hall， 1973.
[23]胡聪慧，刘玉珍，吴天琪，等. 有限注意、行业信息扩散与股票收益［J］. 经济学(季刊)， 2015，14(3):1173-1192.
[24]饶育蕾，王建新，丁燕. 基于投资者有限注意的“应计异象”研究——来自中国A股市场的经验证据［J］. 会计研究， 2012(5):59-66.
[25]胡楠，薛付婧，王昊楠. 管理者短视主义影响企业长期投资吗?——基于文本分析和机器学习［J］. 管理世界， 2021，37(5):139-156.
[26]俞鸿琳. 实体企业金融化:管理者短视角度的新解释［J］. 经济管理， 2022，44(3):55-71.
[27]陆蓉，徐龙炳. “牛市”和“熊市”对信息的不平衡性反应研究［J］. 经济研究， 2004(3):65-72.
[28]连立帅，朱松，陈超. 资本市场开放与股价对企业投资的引导作用: 基于沪港通交易制度的经验证据［J］. 中国工业经济， 2019(3):100-118.
[29]刘贯春，张军，刘媛媛. 金融资产配置、宏观经济环境与企业杠杆率［J］. 世界经济， 2018，41(1):148-173.
[30]郭胤含，朱叶. 有意之为还是无奈之举——经济政策不确定性下的企业“脱实向虚”［J］. 经济管理， 2020，42(7):40-55.