Abstract: Based on the data of A share companies for the 2008-2013 period, this paper uses the regression method to study whether managers listen to the market when making investment decisions. It finds that managers rely on the private information incorporated in the stock price to adjust investments, i.e., managers learn from the market. Beside, the conclusion holds when managers’own information or analysts’information is controlled. Moreover, after the alternative hypotheses like the financial constraint and the market-timing or mispricing hypotheses, are excluded, the learning hypothesis still has incremental explaining power. Lastly, the learning from market effect has improved the future performance in both the transparent and also the opaque group.