东北大学学报（自然科学版）

东北大学学报(自然科学版) ›› 2012, Vol. 33 ›› Issue (11): 1664-1668.DOI: -

• 论著 • 上一篇    下一篇

股价信息含量对企业资源配置效率影响实证研究

袁知柱;吴粒;鞠晓峰;   

  1. 东北大学工商管理学院;哈尔滨工业大学管理学院;
  • 收稿日期:2013-06-19 修回日期:2013-06-19 发布日期:2013-01-25
  • 通讯作者: -
  • 作者简介:-
  • 基金资助:
    国家自然科学基金青年基金资助项目(71202153);;

An empirical study of the effect of stock price informativeness on corporate capital allocation efficiency

Yuan, Zhi-Zhu (1); Wu, Li (1); Ju, Xiao-Feng (2)   

  1. (1) School of Business Administration, Northeastern University, Shenyang 110819, China; (2) School of Management, Harbin Institute of Technology, Harbin 150001, China
  • Received:2013-06-19 Revised:2013-06-19 Published:2013-01-25
  • Contact: Yuan, Z.-Z.
  • About author:-
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摘要： 以中国上市公司为研究样本,采用股价波动非同步性方法度量股价信息含量,并基于面板数据回归模型对股价信息含量与资源配置效率的因果关系进行了实证检验.实证结果表明:股价信息含量与企业的投资过度行为呈显著负相关,即股票价格中包含的特质信息能起到抑制企业投资过度行为,增加资源配置效率的作用;高信息含量股价也能显著提升企业未来期间的经营绩效水平.因此上市公司股价信息含量增加能对资源优化配置产生正向促进作用.

关键词: 股价信息含量, 股价波动非同步性, 资源配置效率, 投资过度, 经营绩效

Abstract: Taking Chinese listed companies as the research sample and adopting stock price non-synchronicity to measure stock price informativeness, an empirical test was carried out to explore the causal relationship between stock price informativeness and capital allocation efficiency based on the regression models of panel data. The results indicated that a significantly negative relationship exists between price informativeness and corporate overinvestment; in other words, the information exclusive to stock price can inhibit overinvestment and then improve capital allocation efficiency. Moreover, high stock price informativeness can significantly enhance future operating performance. Consequently, stock price informativeness has a positive effect on optimal capital allocation.

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