投资决策中的管理者市场学习效应

以2008-2013年的非金融类 A股上市公司为研究对象，考察管理者在做投资决策时是否会进行市场学习，即依赖市场股价信息调整投资决策。研究发现，投资水平与股价水平成正比。而股价中的投资者私人信息含量能提高投资与股价之间的敏感度。并且，在股权集中度较高、独立董事比例较高以及成长行业的企业中，管理者更有可能利用股价信息相应地调整投资决策。进一步研究发现，管理者的市场学习起到了提高企业业绩的作用。

Investment Decisions and Market-learning Effect

Using the data from the non-bank A share companies during the period of 2008 to 2013, this paper studies whether managers will learn from the market when they make investment decisions,that is, whether managers will rely on the private information incorporated in the stock price to adjust the investment. Empirical results show that the investment level is positively related to the stock price level and the higher the private information incorporated in the stock price, the higher sensitivity can be found between the investment level and the stock price level. Besides, when the ownership concentration and the proportion of independent board are higher,as well for companies in the growth industry, managers are more likely to rely on the stock price information. Further research shows that the market-learning effect has improved the future performance.