本文關鍵詞：企業(yè)過度投資影響企業(yè)股價風險的實證研究　出處：《對外經(jīng)濟貿(mào)易大學》2017年碩士論文　論文類型：學位論文

  更多相關文章： 過度投資 股市泡沫風險 股價崩盤風險

【摘要】：本文的研究意在指出當前中國經(jīng)濟怎樣有效約束實體經(jīng)濟“投資過熱”的現(xiàn)象,使得資本市場里股市泡沫風險下降,進而抑制股價崩盤風險,總體上達到抑制股市風險的目的。本文在相關經(jīng)濟理論研究的基礎之上,通過實證分析的方法,從微觀經(jīng)濟層面討論當前國內資本市場中,企業(yè)過度投資對股市風險(股市泡沫風險、股價崩盤風險)的作用,并深入剖析股市泡沫風險和股價崩盤風險的內在聯(lián)系。本文將滬深兩市十年間(2006至2015年)所有A股上市企業(yè)所披露的信息作為主要依據(jù),通過剖析企業(yè)過度投資對股市風險(股市泡沫風險、股價崩盤風險)的影響的原理與機制,構建實證模型,探究企業(yè)過度投資與股市風險之間的關系,最終得到企業(yè)過度投資會加劇股市泡沫風險并一步加劇股價崩盤風險的結論。即企業(yè)過度投資和股市風險(股市泡沫風險、股價崩盤風險)二者間呈明顯的正相關關系,而股市泡沫風險又和股價崩盤風險呈正相關。這意味著投資過熱的延續(xù)和有關不利訊息的應對延時,將會大大增加股市風險。
[Abstract]:The purpose of this study is to point out how the current Chinese economy effectively constrains the phenomenon of "investment overheating" in the real economy, which reduces the risk of stock market bubble in the capital market, and then restrains the risk of stock price collapse. On the basis of the relevant economic theory research, this paper discusses the current domestic capital market from the microeconomic level through the method of empirical analysis. The role of corporate overinvestment in stock market risk (stock market bubble risk, stock price collapse risk). And in-depth analysis of the stock market bubble risk and the risk of stock price collapse inherent links. This paper takes the information disclosed by all A-share listed companies in Shanghai and Shenzhen stock market from 2006 to 2015 as the main basis. By analyzing the principle and mechanism of the influence of overinvestment on stock market risk (stock market bubble risk, stock price collapse risk), this paper constructs an empirical model to explore the relationship between enterprise overinvestment and stock market risk. Finally, we can draw the conclusion that overinvestment will aggravate the risk of stock market bubble and aggravate the risk of stock price collapse in one step, that is, enterprise overinvestment and stock market risk (stock market bubble risk). There is a clear positive correlation between the two, and a positive correlation between the risk of a stock market bubble and the risk of a stock price collapse. This means that the overheating of the investment and the delay in dealing with adverse information. Will greatly increase the risk of the stock market.
【學位授予單位】：對外經(jīng)濟貿(mào)易大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F275;F832.51

【參考文獻】

相關期刊論文 前10條

1 高誠;;崩盤風險VS過度投資[J];新經(jīng)濟;2016年05期

2 江軒宇;許年行;;企業(yè)過度投資與股價崩盤風險[J];金融研究;2015年08期

3 王化成;曹豐;葉康濤;;監(jiān)督還是掏空:大股東持股比例與股價崩盤風險[J];管理世界;2015年02期

4 詹雷;王瑤瑤;;管理層激勵、過度投資與企業(yè)價值[J];南開管理評論;2013年03期

5 國暉;;股市泡沫理論比較分析[J];湖南社會科學;2013年01期

6 林春艷;孟雨薇;王曉靖;;基于泡沫理論的中國股市風險研究[J];技術經(jīng)濟;2011年08期

7 周旭;王麗娟;;上市公司過度投資影響因素研究[J];會計之友;2011年22期

8 王霞;張敏;于富生;;管理者過度自信與企業(yè)投資行為異化——來自我國證券市場的經(jīng)驗證據(jù)[J];南開管理評論;2008年02期

9 劉有貴;蔣年云;;委托代理理論述評[J];學術界;2006年01期

10 郝穎,劉星,林朝南;我國上市公司高管人員過度自信與投資決策的實證研究[J];中國管理科學;2005年05期

，

本文編號：1438112