Journal of Financial & Quantitative Analysis. Volume 52, Issue 6, December 2017

投资效率与产品市场竞争

作者：Neal M. Stoughton (WU Department of Finance，Accounting and Statistics)

Kit Pong Wong（University of Hong Kong School of Economics and Finance）

Long Yi（Hong Kong Baptist University Department of Finance and Decision Sciences）

摘要：竞争更激烈的市场环境会导致信息更充分的产品和更好的投资效率么？这个问题是金融学术领域悬而未决的困惑。这篇文章提出了一个模型和一系列拓展的实证检验来解决该问题。该模型以分化的产品市场竞争中呈现出来的两阶段贝叶斯博弈为特征。我们发现相对于相同市场结构的最佳情形，竞争会导致公司掌握更少的信息以及投资效率变得更无效。从实证检验上来看，面板回归分析提供了强有力的证据支撑了该理论，并且表明在相对集中的行业中投资更有效。

Investment Efficiency and Product Market Competition

Neal M. Stoughton (WU Department of Finance，Accounting and Statistics)

Kit Pong Wong（University of Hong Kong School of Economics and Finance）

Long Yi（Hong Kong Baptist University Department of Finance and Decision Sciences）

ABSTRACT

Does more competition lead to more information production and greater investment efficiency? This question is largely unexplored in the finance literature. This article provides both a model and a series of extensive empirical tests. The model features a 2-stage Bayesian game in differentiated products market competition. We find that competition causes firms to acquire less information and investments to become more inefficient relative to a first-best case with the same market structure. Empirically, the panel regression analysis provides strong support for the theory and shows that investment is more efficient in concentrated industries.

原文链接: https://www.cambridge.org/core/journals/journal-of-financial-and-quantitative-analysis/article/investment-efficiency-and-product-market-competition/024DFA2C58B7B19D87B1F66C705AA793

翻译：汪国颂