本文關(guān)鍵詞：企業(yè)過度投資影響企業(yè)股價風(fēng)險的實(shí)證研究　出處：《對外經(jīng)濟(jì)貿(mào)易大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 過度投資 股市泡沫風(fēng)險 股價崩盤風(fēng)險

【摘要】：本文的研究意在指出當(dāng)前中國經(jīng)濟(jì)怎樣有效約束實(shí)體經(jīng)濟(jì)“投資過熱”的現(xiàn)象,使得資本市場里股市泡沫風(fēng)險下降,進(jìn)而抑制股價崩盤風(fēng)險,總體上達(dá)到抑制股市風(fēng)險的目的。本文在相關(guān)經(jīng)濟(jì)理論研究的基礎(chǔ)之上,通過實(shí)證分析的方法,從微觀經(jīng)濟(jì)層面討論當(dāng)前國內(nèi)資本市場中,企業(yè)過度投資對股市風(fēng)險(股市泡沫風(fēng)險、股價崩盤風(fēng)險)的作用,并深入剖析股市泡沫風(fēng)險和股價崩盤風(fēng)險的內(nèi)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(fēng)險(股市泡沫風(fēng)險、股價崩盤風(fēng)險)的影響的原理與機(jī)制,構(gòu)建實(shí)證模型,探究企業(yè)過度投資與股市風(fēng)險之間的關(guān)系,最終得到企業(yè)過度投資會加劇股市泡沫風(fēng)險并一步加劇股價崩盤風(fēng)險的結(jié)論。即企業(yè)過度投資和股市風(fēng)險(股市泡沫風(fēng)險、股價崩盤風(fēng)險)二者間呈明顯的正相關(guān)關(guān)系,而股市泡沫風(fēng)險又和股價崩盤風(fēng)險呈正相關(guān)。這意味著投資過熱的延續(xù)和有關(guān)不利訊息的應(yīng)對延時,將會大大增加股市風(fēng)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(xué)位授予單位】：對外經(jīng)濟(jì)貿(mào)易大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F275;F832.51

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