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本文的研究目的是探讨博彩行为对公司资本支出的影响。首先,使用股票报酬率的偏态系数与资本支出做回归分析,得到偏态系数与资本支出呈正相关关系,说明偏态系数越高,高管人员越会增加资本支出;其次,由于无法说明高管人员是否会因此而迎合投资人,所以本研究纳入偏态系数与套利风险的交互项来进行检验,采用五种套利风险与偏态的交互作用项与资本支出进行回归分析。研究结果发现:第一:偏态系数越高,资本支出越多;第二:信息不对称程度越高,股票价格越高,交易量越小,套利风险越大,公司的高管人员就偏向从公司未来的成长机会而减少资本支出;价格越低,交易量越大,套利风险越小时,高管人员就会迎合投资人的正偏态偏好,增加资本支出。
The purpose of this paper is to explore the impact of gambling on corporate capital expenditures. First of all, using the skew coefficient of return on stock returns and capital expenditure as a regression analysis, we get that the skewness coefficient and capital expenditure have a positive correlation, which shows that the higher the skewness coefficient, the more senior executives will increase their capital expenditures. Second, Therefore, whether the managers will cater to the investors, so this study includes the interaction between skewness coefficient and arbitrage risk to test, using five arbitrage risk and skew interaction items and capital expenditure for regression analysis. The second is the higher degree of asymmetric information, the higher the stock price, the smaller the trading volume and the greater the risk of arbitrage. The senior executives of the company tend to favor the higher From the company’s future growth opportunities and reduce capital expenditures; the lower the price, the greater the transaction volume, the smaller the risk of arbitrage, executives will cater to investors positive bias, increase capital expenditures.