关键词: 股票错误定价,非效率投资,过度投资,投资不足

Abstract: Taking China’s A-share listed companies from 2007 to 2016 as the samples, this paper conducts an empirical test on the impact of stock mispricing on the efficiency of corporate investment. The findings show that stock mispricing could significantly promote the level of non-efficiency investment of enterprises and will exacerbate the excessive or insufficient investment of the enterprises. When further dividing the samples into the lower mispricing group, the middle mispricing group and the higher mispricing group according to the level of stock mispricing, it is found from the regression that only the higher mispricing group can significantly promote the non-efficient investment of the enterprises. In addition, it is found that to distinguish the direction of stock mispricing and to study the impact of higher mispricing and lower mispricing on non-efficiency investment can both intensify the inefficient corporate investment.

Key words: stock mispricing; inefficient investment; excessive investment; insufficient investment