Does stock market rescue affect investment efficiency in the real sector?

IF 2.1 2区经济学 Q2 BUSINESS, FINANCE

Journal of Financial Markets Pub Date : 2023-09-01 DOI:10.1016/j.finmar.2023.100859

Ling Jin , Zhisheng Li , Lei Lu , Xiaoran Ni

引用次数: 0

Abstract

During China's stock market crash in 2015, the government purchased the stocks of over 1000 firms. We investigate how this government rescue affects investment efficiency and show that rescued firms experience a significant decrease in investment-q sensitivity. This rescue has an adverse impact on price efficiency and impedes managers from learning information for investment decisions. The learning channel is the main mechanism through which the rescue has a real effect. Our findings indicate that programs intended to stabilize the stock market could adversely affect the real efficiency, providing new insight into the consequences of government purchases.

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股市救助会影响实体部门的投资效率吗?

在2015年中国股市崩盘期间，政府购买了1000多家公司的股票。我们研究了政府救助对投资效率的影响，并发现被救助企业的投资q敏感性显著降低。这种救助对价格效率产生了不利影响，并阻碍了管理者获取投资决策所需的信息。学习渠道是救助产生实际效果的主要机制。我们的研究结果表明，旨在稳定股市的计划可能会对实际效率产生不利影响，这为政府购买的后果提供了新的见解。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Financial Markets BUSINESS, FINANCE-

CiteScore

3.40

自引率

3.60%

发文量

期刊介绍： The Journal of Financial Markets publishes high quality original research on applied and theoretical issues related to securities trading and pricing. Area of coverage includes the analysis and design of trading mechanisms, optimal order placement strategies, the role of information in securities markets, financial intermediation as it relates to securities investments - for example, the structure of brokerage and mutual fund industries, and analyses of short and long run horizon price behaviour. The journal strives to maintain a balance between theoretical and empirical work, and aims to provide prompt and constructive reviews to paper submitters.