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中文摘要：
基于行为公司财务理论,构建了股票误定价通过股权融资渠道影响企业投资行为的理论模型。在模型阐释和制度背景分析的基础上,在不同的股权融资依赖度和所有权控制特征下,对股票市价与公司投资行为进行了实证研究。结果表明：股权融资的依赖程度越大,企业投资水平对股票市价的敏感性越高;在相同的股权融资依赖度下,地方政府所辖上市公司的投资规模对股票市价的敏感性大于民营产权控制和中央企业控制的上市公司;股票市价对企业投资行为的影响因不同的所有权控制特征和治理效率而存在差异;监管机构加强对融资需求的评估与公共治理的强化,是抑制地方上市公司股权融资资金配置自利动机的有效途径。
英文摘要：
Based on behavioral corporation finance theory,this paper firstly constructs the theoretical model of impact of stock mispricing on corporation investment behavior through equity finance channel.Subsequently this paper empirically studies the relationship between the stock price and corporation investment behavior under different equity finance dependence and ownership characters.The conclusions are as following： i） the more dependent of equity finance,the more sensitive investment to stock price;ii） under the same degree of equity finance dependence,the investment level of corporation owned to local government is more sensitive to stock price than the corporation owned to central government and private property,and the sensitivity between the stock price and corporation investment manifests difference because of the diversity of ownership character and governance efficiency.The evaluation of finance demand and strengthening of public governance will be the effective measures to restrain the self-concern motivation of equity allocation under local listed companies.
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