CAJ | 학술논문

公司在进行投资决策时是迎合投资人或者成长机会一直未有定论,这两个理论皆采用市帐率作为代理变数,其对公司投资支出的预测皆是正向,但两种理论的投资对公司的后续绩效的影响却是相反的,本研究利用套利风险与市帐率的交互作用项来检验这两种理论,结果发现如下,第一,公司市帐率越高,未来的投资支出越高;第二,在高价股以及低交易量的公司中,高管人员迎合投资人而进行投资支出;第三,在卖空成本以及信息不对称程度较高的公司,高管人员会根据公司的成长机会而进行投资决策。
공사재진행투자결책시시영합투자인혹자성장궤회일직미유정론,저량개이론개채용시장솔작위대리변수,기대공사투자지출적예측개시정향,단량충이론적투자대공사적후속적효적영향각시상반적,본연구이용투리풍험여시장솔적교호작용항래검험저량충이론,결과발현여하,제일,공사시장솔월고,미래적투자지출월고;제이,재고개고이급저교역량적공사중,고관인원영합투자인이진행투자지출;제삼,재매공성본이급신식불대칭정도교고적공사,고관인원회근거공사적성장궤회이진행투자결책。
Prior studies have debated on whether the when making managers follow the catering theory or growth opportunity decisions of investment expenditure. Both theories are investigated by using market to book ratio which has positive effect on investment expenditure. However, these two theories have different effect on firm＇ s performance. This paper includes the interactional term arbitrage risk and market to book ratio to examine catering theory and growth opportunity. Our results find some interesting outcome. First, market to book ratio has positive effect on investment expenditure. Second, for the company with high price or low trading volume, the manager would invest more to catering the individual sentiment. Third, for the company with high cost of sell short or high information asymmetry, manager would invest according to the growth opportunity.