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Do stock prices influence corporate decisions? Evidence from the technology bubble

机译：股票价格会影响公司决策吗？来自技术泡沫的证据

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摘要

We study the capital investment, stock issuance, and cash savings behavior of non-tech manufacturers (old economy firms) during the 1990s technology bubble. Our empirical results show that high stock prices affect corporate policies because they relax financing constraints. During the tech bubble, constrained non-tech firms' investment responded strongly to "high stock prices" (specifically, the component of price that is not captured by fundamentals). They also issued stock in response to that overvaluation effect, saving part of the proceeds in their cash accounts. We find no such patterns for unconstrained non-tech firms, nor for tech firms. Our findings are not consistent with the notion that managers systematically issue overvalued stocks and invest in ways that transfer wealth from new to old shareholders. More broadly, they suggest that what appears to be overvaluation in one sector of the economy may have positive externalities for other sectors.
机译：我们研究了1990年代技术泡沫时期非技术制造商（旧经济公司）的资本投资，股票发行和现金储蓄行为。我们的经验结果表明，高股票价格影响了公司政策，因为它们放松了融资限制。在技​​术泡沫期间，受约束的非技术公司的投资对“高股票价格”（特别是基本面未捕获的价格成分）做出了强烈反应。为了应对这种高估效应，他们还发行了股票，将部分收益保存在现金账户中。对于不受约束的非科技公司，我们也找不到这种模式。我们的发现与管理者系统地发行高估股票并以将财富从新股东转移到旧股东的方式进行投资的观点不一致。从更广泛的意义上讲，他们认为一个经济部门中似乎被高估的东西可能对其他部门具有积极的外部性。

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