投资内生化的企业融资适应能力和超额收益信息动态研究
Endogenous Investment, Enterprise Finance adaptability and Excess Income Information Dynamics——Evidence from empirical research of Chinese listed company

将内生化资本投资与融资引入超额收益动态模型，对公司当期盈利能力、资本投资融资与未来盈利能力之间的逻辑关系进行研究。发现在资本投资与融资内生化情形中，未来超额收益与当期超额收益之间为非线性信息动态，而不是简单的线性信息动态，同时表明公司t+1期超额收益与t期超额收益之间的斜率和曲率受融资适应能力的影响。
This paper introduces capital investment and finance into the dynamic model of residual income and investigates the logical relationship of current residual profitability, capital investment and finance, and future profitability. The theoretical analysis of this paper indicates that future profitability is non-linear information dynamics of current profitability other than the simple linear information dynamics. Slope and curvature of residual income for period t+1 to residual income for period t are both influenced by scale of capital investment and financing adaptab ility.