CAJ | 학술논문

该研究把人的非完全理性和市场非有效对公司经理人投融资行为的影响融入公司价值的形成过程，构建了公司的价值体系，分析了公司价值形成的反身性机制。用公司价值预期与公司真实的价值创造之间的关系来建立实证模型，检验公司市场价值与内在价值之间的相关性。以中国上市公司为样本进行了实证研究，发现公司价值创造效率与市场的价值预期之间存在显著的相关关系：首先，市场对上市公司的价值预期存在偏离，表现为高估低内在价值的公司和低估高内在价值的公司；其次，这种市场预期的偏差对上市公司的价值创造具有显著的影响，表现为阻碍公司价值的创造。实证结果证明了公司价值形成反身机制的存在性。
해연구파인적비완전이성화시장비유효대공사경리인투융자행위적영향융입공사개치적형성과정，구건료공사적개치체계，분석료공사개치형성적반신성궤제。용공사개치예기여공사진실적개치창조지간적관계래건립실증모형，검험공사시장개치여내재개치지간적상관성。이중국상시공사위양본진행료실증연구，발현공사개치창조효솔여시장적개치예기지간존재현저적상관관계：수선，시장대상시공사적개치예기존재편리，표현위고고저내재개치적공사화저고고내재개치적공사；기차，저충시장예기적편차대상시공사적개치창조구유현저적영향，표현위조애공사개치적창조。실증결과증명료공사개치형성반신궤제적존재성。
：This paper firstly incorporates the influence of people＇s bounded rationality and market＇s inefficiency on behavior of investment / financing of corporation manager to the forming process of corporation value, and constructs value system of corporation, analyzes the reflexivity mechanism of forming process of corporation value. Then it constructs empirical test model using the relation between corporation value anticipation and real value creation of corporation, and verifies the correlativity of market value and internal value. Finally it carries out the empirical test using Chinese market＇s data, and finds that there is prominent correlativity between value creation efficiency of corporate and the value anticipation of market. （1） value anticipation of market has bias, the result is overestimating the value of corporation which has lowinternal value and underestimating the value of corporation which has high-internal value; （2） this kind of bias has prominent influence on the value creation of corporation, the result is that it can baffle the value creation of corporation. The result of empirical test testifies existence of reflexivity mechanism of forming process of corporation value.