Market feedback: Evidence from the horse’s mouth
调查中国上市公司发现，超90%企业主动监控股市，主要为了从价格中学习新信息和依赖股价融资；学习型企业投资对股价更敏感。
We surveyed all Chinese public firms in 2019 and 2022 to examine the real effects of financial markets. Over 90% of firms say they actively monitor the stock market, and the most common reasons they provide are that they learn new information from the price and that they depend on the price for financing. Focusing on the learning channel, we examine how the responses relate to firm characteristics and actions. Firms that indicate learning have characteristics that suggest greater benefit from market information. They also exhibit higher investment-to-price sensitivity. We provide results on what dimensions of information firms learn about.