投资者情绪、管理者过度自信与资本投资

发布时间：2018-04-14 23:08

本文选题：投资者情绪 + 管理者过度自信　；参考：《东南学术》2011年05期

【摘要】：本文以2005-2009年期间A股上市公司为研究样本,利用情绪感染理论和迎合理论分析了投资者情绪和管理者过度自信对公司资本投资的影响,并进行实证检验。结果发现,我国股票市场投资者情绪波动幅度较大,其波动的情绪感染和影响了过度自信管理者的投资行为;与一般管理者相比,过度自信管理者使投资者情绪与公司资本投资之间的敏感性增强,加大了公司的投资支出。相比较而言,当投资者情绪高涨时,更会感染过度自信管理者的情绪,使之提升公司投资水平;而当投资者情绪低落时,其引发的感染效应减弱;对于投资水平较高的公司,投资者和管理者的非理性对公司投资决策的影响效应更显著。因此,本文的研究不仅为新兴的行为公司财务理论提供了新的经验证据,而且对中国上市公司进行资本投资决策具有一定的启示意义。
[Abstract]:Taking A share listed companies from 2005 to 2009 as the research sample, this paper analyzes the influence of investor sentiment and manager overconfidence on the capital investment of the company by using the theory of emotional infection and pandering theory, and carries out an empirical test.The results show that the volatility of investors' emotions in China's stock market is quite large, which affects the investment behavior of overconfident managers, compared with the general managers.Overconfident managers increase the sensitivity between investor sentiment and the company's capital investment and increase the company's investment spending.In contrast, when investor sentiment is high, overconfident managers are more likely to infect the mood of overconfident managers, causing them to improve their investment levels; when investors are depressed, the infectious effect is weakened; for companies with higher levels of investment,The influence of irrational investors and managers on investment decisions is more significant.Therefore, the research of this paper not only provides new empirical evidence for the emerging behavioral company financial theory, but also has certain enlightenment significance for the Chinese listed companies to make the capital investment decision.
【作者单位】：福州大学管理学院;
【基金】：福建省社会科学规划项目“非理性行为、社会网络与公司投资决策”(项目编号:2011B125) 福建省教育厅社会科学研究项目(项目编号:JA10054S)
【分类号】：F224;F832.48

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