由於資本市場是不完美的，使公司內、外部融資成本不同，而公司可能產生融資限制的問題，過去也有不少實證文獻探討公司投資與股價是否有關的課題，但是推論結果相當分歧。本文研究目的是想重新考量融資限制下公司股價和資本支出的關係，且進一步的釐清股票價格與公司資本支出的關係是否會受到不完美市場的因素所影響。研究結果發現，融資限制公司與無融資限制公司投資與股價敏感性差異不大，但是融資限制越高、成長機會越高的公司，投資與股價的敏感性越高；在市場錯誤定價方面，融資限制公司沒有顯著的運用裁決性應計項目操?盈餘，市場對裁決性應計項目產生錯誤的評價的現象不顯著；在權益發行的實證結果方面，融資限制公司依賴錯誤定價而提高投資與股價敏感度的現象並不顯著，但無融資限制且高成長的公司則具顯著提高敏感度的現象。 Due to different costs of funds from internal or external sources under capital market imperfections, firms may face the problem of financial constraints. Over the past years, many empirical papers study the correlation between corporate investment and stock prices, but they show divergent explanations. In this paper, in addition to empirically re-testing the correlation between corporate investment and stock prices in the financial constraints, we also evaluate which factors of capital market imperfections affect such correlation. The results first show that firms with and without financial constraints appear similar sensitivities between corporate investment and stock prices, but the firms with more financial constraints and growth opportunity demonstrate higher sensitivities. In the mispricing, firms with financial constraints can’t use discretionary accruals to control profits, and thus capital markets do not significantly misprice their share prices. For the equity issuance, firms cannot rely on mispricing to significantly raise the sensitivity between investment and stock price, except those are un-financially constrained and have high growth opportunities.
