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.

摘要： 基于2008-2013年的A股上市公司样本，利用回归分析方法考察管理者在投资决策中是否会倾听市场的声音。结果发现：管理者在投资决策中根据市场股价水平和股价信息调整投资规模，即进行市场学习，且在控制了管理者自有信息和分析师信息之后，市场学习假说被进一步验证，在排除融资约束以及市场择机或误定价的影响后，该假说仍然对回归结果具有解释力度；不论信息透明与否，市场学习行为均能提高企业的经营效率。