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发生募集资金投向变更的公司其投资水平较低,将损害公司长远价值。这是当前市场环境下的一种异化现象。在投资者存在认知偏差的情况下,股票价格对投资不足的反应不够不充分,随着这个错误的纠正会形成正的投资——长期股票回报关系。本文由此提出两个高投资水平公司具有较高股票回报的命题,实证研究证实了正的投资——长期股票回报关系的存在,说明中国上市公司存在投资不足。本文认为,强化外部监管、完善内部公司治理机制、提高公司把握市场时机的能力是推动上市公司有效投资水平上升从而提高公司绩效的关键。
Occurred to raise funds to invest in changes in the company’s low level of investment, will damage the company’s long-term value. This is a phenomenon of alienation in the current market environment. In the presence of investors’ cognitive bias, the stock price does not respond sufficiently to underinvestment, and as the error is corrected, a positive investment is formed - long-term stock returns. This paper put forward the proposition that two companies with high investment level have higher stock returns. Empirical research confirms the existence of positive investment - the relationship between long-term stock returns and the lack of investment in Chinese listed companies. This paper argues that the key to strengthening the external supervision, perfecting the internal corporate governance mechanism and improving the company’s ability to grasp market timing is the key to promoting the effective investment of listed companies and improving the corporate performance.