发表期刊：Journal of Financial Markets
发表时间：Published: September 2023
作者及单位：Ling Jin, Zhisheng Li, Lei Lu*, Xiaoran Ni*（School of Economics & Wang Yanan Institute for Studies in Economics (WISE), Xiamen University, China）
摘要：During China's stock market crash in 2015, the government purchased the stocks of over 1000 firms. We investigate how this government rescue affects investment efficiency and show that rescued firms experience a significant decrease in investment-q sensitivity. This rescue has an adverse impact on price efficiency and impedes managers from learning information for investment decisions. The learning channel is the main mechanism through which the rescue has a real effect. Our findings indicate that programs intended to stabilize the stock market could adversely affect the real efficiency, providing new insight into the consequences of government purchases.
关键词：Stock market rescue; Government intervention; Investment efficiency; Learning from prices
