公司治理、投资者情绪与过度证券投资

发布时间：2019-05-24 07:15

【摘要】：本文首先基于资金管理理论分析了上市公司证券投资量的影响因素,继而区分了过度证券投资与非过度证券投资,最后从公司治理与投资者情绪的角度探究了我国上市公司过度证券投资的成因。论文以新会计准则实施后,2007年至2010年的非金融类A股上市公司为样本,对我国上市公司过度证券投资量的影响因素进行了实证检验。发现我国上市公司普遍参与证券投资,且存在一定程度的过度证券投资,其成因并非由于公司治理结构不完善,而是由于投资者情绪的高涨。因此仅通过公司治理机制并不能有效遏制上市公司的过度证券投资。
[Abstract]:Based on the theory of fund management, this paper first analyzes the influencing factors of securities investment of listed companies, and then distinguishes between excessive securities investment and non-excessive securities investment. Finally, from the perspective of corporate governance and investor sentiment, this paper probes into the causes of excessive securities investment of listed companies in China. Based on the implementation of the new accounting standards and the non-financial A-share listed companies from 2007 to 2010, this paper makes an empirical test on the influencing factors of excessive securities investment of listed companies in China. It is found that listed companies in China are generally involved in securities investment, and there is a certain degree of excessive securities investment, the cause of which is not because of the imperfect corporate governance structure, but because of the upsurge of investor sentiment. Therefore, only through the corporate governance mechanism can not effectively curb the excessive securities investment of listed companies.
【作者单位】：暨南大学会计系;
【基金】：广东省教育厅、广东高校优秀青年创新人才培育计划项目“上市公司证券投资的盈余管理与信息披露研究”的阶段性研究成果(主持人:吴战篪,编号:wym09050) “中央高校基本科研业务费专项资金(暨南大学创新基金:A股市场估值的心理因素研究,课题编号:wym09050)”以及“暨南大学优秀本科推免研究生科研创新培育计划项目”的资助
【分类号】：F832.51;F276.6;F224

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