The Effect of Asset Mispricing on Corporate Capital Expenditure under Short Selling Pressure
ZHANG Xiao-fei1,2, ZHANG Zhong-hua3
1.School of Accounting, Henan University of Economics and Law, Zhengzhou 450046; 2.Postdoctoral Research Station, Shanghai University of Finance and Economics, Shanghai 200433; 3.Henan Branch of China life
Abstract：
Taking the A-share non-financial listed companies in Shanghai and Shenzhen stock exchanges during 2010-2016 as samples, using the M/B ratio decomposition and residual income valuation model to measure stock mispricing, the paper studies the real effect of stock mispricing under short selling pressure. The results show that stock mispricing is positively correlated with corporate investment level, indicating that there are significant investment catering behaviors, and stock mispricing can affect the investment level of the enterprise through rational channel and equity financing channels at the same time; and when the financing constraint is higher, the equity financing channel has greater attractive effect. Under the pressure of short selling, the margin trading companies, and state-owned enterprises do not have significant investment catering activities. Therefore, enterprises should focus on long-term development rather than short-term interests to avoid catering to investors’ irrational sentiments; enterprises should correctly guide the market to accurately value the company, promote the healthy development of the capital market, and improve the efficiency of resource allocation in the real economy.
ZHANG Xiao-fei, ZHANG Zhong-hua.The Effect of Asset Mispricing on Corporate Capital Expenditure under Short Selling Pressure[J] Economic Survey, 2019,V36(6): 141-148
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