市值管理的重要性已獲得資本市場廣泛共識,卻鮮有大樣本的實證研究檢驗市值管理對企業經營的具體影響。本文以2006-2016年A股上市公司為樣本,研究市值管理對企業投資決策的影響及其作用機制。本文發現:首先,市值管理能夠提高企業下期的投資水平,這種促進作用在投資機會較多的企業、民營企業和熊市環境中表現更明顯;其次,中介效應檢驗模型發現市值管理促進企業投資主要在于緩解了企業融資約束這一作用路徑;最后,市值管理可以降低投資不足,但也可能導致企業過度投資從而降低企業的投資效率。本文研究市值管理在企業經營成長過程發揮的作用,對了解市值管理的影響及作用機制提供了重要的視角與經驗證據。

It is well known that market value becomes increasingly critical after the non-tradable share reform. Nevertheless,systematic discussion on the effect of market value management on business operation is still scarce. Based on the sample of listed firms in A share market during the period of2006 to 2016,this research investigates the effect of market value management on the investment decisions and its mechanism. Firstly,we provide evidence that market value management increases the investment expenditures of firms in next period. Such effect is more pronounced in the subsample of NSOEs,high growth firms and bear market. Secondly, market value management increases investment expenditures through alleviating financial constrain of firms. Furthermore,we find that market value management may lead to inefficiency in the investment decisions of firms. Specially,market value management may result in over investment. This paper contributes to the existing literature by examining the relationship between market value management and business operations firstly,which provides remarkable evidence for understanding the impact of market value management and the mechanism of such impact.