摘要
为更好地描述产品市场竞争与股票收益的关系,本文采用中介效应的检验方法,从企业固定资产投资的视角分析产品市场竞争影响股票收益的作用路径。结果显示:产品市场竞争与公司股票收益呈“倒U型”关系,垄断或过于激烈的竞争会降低股票收益;产品市场竞争与固定资产投资负相关;产品市场竞争通过影响企业固定资产投资策略进而影响股票收益。结论丰富了产品市场与资本市场关系的研究,为相关研究提供了新视角。
In order to describe the relationship between product market competition and stock market more clearly, we use the test method of mediating effect;this essay uses the mediating effect test method to analyze the effect path of product market competition affecting stock returns from the perspective of enterprise fixed assets investment. The results show that the relationship between competition in the product market and the company's stock returns are <4inverted U M, it means both the competition and the monopoly will increase corporate stock returns. And it is proved that the fixed assets investment of the enterprise is the intermediary variable, product market competition affects the investment strategy of fixed assets, and then influences the stock returns. The conclusion enriched the research on the relationship between product market and capital market, and provided a new perspective for related research.
作者
许良超
王志强
Xu liangchao;Wang Zhiqiang
出处
《投资研究》
CSSCI
北大核心
2019年第1期32-44,共13页
Review of Investment Studies
基金
国家自然科学基金青年项目(71503034)
辽宁省社会科学规划基金青年项目(L15CJY005)
辽宁省教育厅人文社会科学研究一般项目(W2014218)
关键词
产品市场竞争
固定资产投资
股票收益
product market competition
fixed assets investment
stock returns
