管理者在投资决策中会倾听市场的声音吗?

摘要

Based on the data of A share companies during the 2008-2013 period, this paper uses the regression method to study whether managers listen to the market when making investment decisions.It finds that managers rely on the private in-formation incorporated in the stock price to adjust investments, i.e., managers learn from the market.Besides, this conclu-sion is further proved when managers'own information or analysts'information is controlled.Moreover, after the alternative hy-potheses like the financial constraint, the market-timing or mispricing hypotheses are excluded , the learning hypothesis still has incremental explaining power.Lastly, the learning-from-market effect has improved the future performance in both the transparent and also the opaque group.%基于2008-2013年A股上市公司样本, 利用回归分析方法考察管理者在投资决策中是否会倾听市场的声音. 结果发现: 管理者在投资决策中根据市场股价水平和股价信息调整投资规模, 即进行市场学习, 且在控制了管理者自有信息和分析师信息之后,市场学习假说被进一步验证, 在排除融资约束以及市场择机或误定价的影响后, 该假说仍然对回归结果具有解释力度; 不论信息透明与否, 市场学习行为均能提高企业的经营效率.