系统管理学报

Journal of Systems & Management ›› 2023, Vol. 32 ›› Issue (1): 167-177.DOI: 10.3969/j.issn.1005-2542.2023.01.015

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Growth Opportunities, Heterogeneous Beliefs, and Firm Valuation

LIU Hao1, 2，LI Qiang3，ZENG Yong3   

  1. 1. School of Finance, Guangdong University of Foreign Studies, Guangzhou 510006, China; 2.Institute of Financial Openness and Asset Management, Guangzhou 510006, China; 3. School of Management and Economics, University of Electronic Science and Technology of China, Chengdu 611731, China
  • Online:2023-01-28 Published:2023-01-17

增长机会、异质信念与企业估值

刘浩1, 2，李强3，曾勇3   

  1. 1.广东外语外贸大学金融学院，广州 510006；2.广东省金融开放与资产管理研究中心，广州 510006；3.电子科技大学经济与管理学院，成都 611731
  • 作者简介:刘 浩（1988-），男，博士，讲师。研究方向为资本市场与公司金融。
  • 基金资助:
    国家自然科学基金资助项目（71972027，71472025）；文化名家暨“四个一批”人才资助项目（中宣办发[2015]49号）；四川省软科学研究计划（2022JDR0290）；广东省社科规划青年项目（GD21YYJ09）；广东省普通高校特色创新类项目（2019KTSCX036）

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Abstract:

By building a two-period economic model, this paper theoretically studies the effect  of heterogeneous beliefs on firm valuation through growth opportunity, and then conducts empirical tests based on a sample of 2 973 A-share listed companies in Shanghai and Shenzhen Stock Exchanges from 2007 to 2020. The results show that heterogeneous beliefs have positive effect on firm valuation. The positive effect is more pronounced for firms with a higher research and development intensity, more patents granted, or firms in high-tech industries because these firms are endowed with more growth opportunities. Moreover, the positive effect would disappear once their growth opportunities are exercised. The Empirical results are robust even considering endogenous problems and changing measures of the key variables.

Key words:

growth opportunities, growth options, heterogeneous beliefs, firm valuation

摘要：

构建了一个两期经济模型，理论上研究了异质信念如何通过增长机会影响企业估值，并以2007~2020年沪深两市2 973家A股上市公司为研究样本，进行实证检验。研究结果表明：异质信念对企业估值具有正向影响；在研发强度高、专利授权多、高科技行业，由于企业拥有较多的增长机会，异质信念对企业估值的正向影响更强；增长机会被执行之后，异质信念对企业估值的正向影响消失。即便考虑内生性问题和更换关键变量的测度指标，实证结果依然稳健。

关键词:

增长机会, 增长期权, 异质信念, 企业估值

CLC Number: