公司价值形成的反身性机制与中国上市公司的实证研究

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。

The reflexivity mechanism of forming process of corporation value and empirical test of Chinese public corporate

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 low-internal 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.