投资者需求、企业投资与资本错配

IF 10.4 1区经济学 Q1 BUSINESS, FINANCE

Journal of Financial Economics Pub Date : 2025-03-17 DOI:10.1016/j.jfineco.2025.104039

Jaewon Choi , Xu Tian , Yufeng Wu , Mahyar Kargar

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引用次数: 0

摘要

投资者需求的波动显著影响公司的估值和获得资本的途径。为了量化它们的实际影响，我们开发了一个动态投资模型，将资本的需求和供给两方面都纳入其中。强劲的投资者需求放松了金融约束，促进了股票发行和投资，而疲软的需求则鼓励了投机性的股票回购，挤出了投资。我们使用间接推理来估计模型，匹配投资者需求和企业政策之间的内生关系。我们的估计表明，需求波动是企业层面投资和经济范围内资本错配的重要驱动因素，占MPK分散的26.9%和生产力损失的23.4%。

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Investor demand, firm investment, and capital misallocation

Fluctuations in investor demand significantly affect firms’ valuation and access to capital. To quantify their real effects, we develop a dynamic investment model, incorporating both the demand and supply sides of capital. Strong investor demand relaxes financial constraints and facilitates equity issuance and investment, while weak demand encourages opportunistic share repurchases, crowding out investment. We estimate the model using indirect inference, matching the endogenous relationship between investor demand and firm policies. Our estimation reveals that demand fluctuations are important drivers of firm-level investment and economy-wide capital misallocation, accounting for 26.9% of dispersion in MPK and 23.4% of productivity losses.

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来源期刊

Journal of Financial Economics Multiple-

CiteScore

15.80

自引率

4.50%

发文量

192

审稿时长

37 days

期刊介绍： The Journal of Financial Economics provides a specialized forum for the publication of research in the area of financial economics and the theory of the firm, placing primary emphasis on the highest quality analytical, empirical, and clinical contributions in the following major areas: capital markets, financial institutions, corporate finance, corporate governance, and the economics of organizations.