以2000~2002年沪深股市的面板数据为样本,运用广义最小二乘法(GLS)研究发现:公司价值是投资水平的“倒U型”函数,这表明中国上市公司存在自身的合理投资水平;高成长性公司的合理投资水平比低成长性公司的合理投资水平高,对应的公司价值也更高.
Using Generalized Least Squares(GLS) and regarding panel data of stock markets of Shanghai and Shenzhen of 2000-2002 year as samples, the result of study shows:(1)the corporate value is an inverted-U function for investment, which implies Chinese listed company really has a reasonable investment level of making its company value maximize; (2)the better, the growth opportunity of the company, the higher, the reasonable investment level and the corporate value.