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在理论分析资产增长如何影响股票收益率及融资约束关系的基础上,以1998～2011年A股上市公司为样本进行了实证检验,结果发现,资产增长负向影响股票收益率,并且这种负向关系在融资约束较为严重的公司中比较明显。
Based on the theoretical analysis of how asset growth affects the relationship between stock returns and financing constraints, an empirical test of A-share listed companies from 1998 to 2011 shows that asset growth negatively affects stock returns and that negative Relationships are more apparent in companies with more limited financing constraints.