论文部分内容阅读
引入管理者—投资者意见分歧理论,考察管理者与外部投资者对同一信息做出不同解读造成的双方估值差异如何影响上市公司投资行为。基于公司实际业绩与分析师预测业绩之差构造两个意见分歧替代变量,利用我国A股上市公司2004～2008年的面板数据进行实证分析。结果显示:管理者—投资者意见分歧与上市公司实际投资负相关;且意见分歧程度越高,公司过度投资越少,投资不足不受影响。这表明我国上市公司外部投资者反对意见对公司管理者形成一定约束,双方意见分歧有助于提升公司价值。
The introduction of manager-investor disagreement theory examines how the difference in valuation between the two parties caused by different interpretations of the same information by managers and external investors can affect the investment behavior of listed companies. Based on the difference between the actual performance of the company and the analyst’s forecast performance, this paper constructs two alternative variables and uses the panel data of A-share listed companies in China from 2004 to 2008 for empirical analysis. The results show that: manager-investor disagreement is negatively related to the actual investment of listed company; and the higher the degree of disagreement, the less over-investment and the under-investment are not affected. This shows that the objections of the external investors of the listed companies of our country form some restraints on the managers of the company, and the disagreement between the two parties helps to enhance the company’s value.