投资者情绪、现金持有与上市公司投资

发布时间：2018-03-03 14:17

本文选题：投资者情绪　切入点：现金持有　出处：《中国会计评论》2015年02期 　论文类型：期刊论文

【摘要】：已有研究发现,投资者情绪会对企业的投资水平及资源配置效率产生重要影响,但是市场环境对公司行为的影响会因个体特质的差异而明显不同。本文将公司资源中流动性最强的现金持有与外部市场的投资者情绪共同纳入分析框架,发现高现金持有的企业在投资者情绪高涨时会进行更多的投资,而低现金持有的企业在投资者情绪低落时更少进行投资。进一步分析对资源配置效率的影响,发现投资者情绪对非效率投资的"恶化效应"和"缓解效应"也会受到现金持有水平的影响。高现金持有会加剧投资者情绪高涨时的过度投资,但会缓解投资者情绪低落时的投资不足问题;低现金持有会恶化投资者情绪低落时的投资不足状况,但会缓解投资者情绪高涨时的过度投资问题。
[Abstract]:Previous studies have found that investor sentiment has an important impact on the level of investment and resource allocation efficiency. However, the impact of market environment on corporate behavior will be significantly different from the individual characteristics. This paper puts the most liquid cash holdings in the company resources and investor sentiment in the external market into the analytical framework. It was found that firms with high cash holdings would invest more when investor sentiment was high, while those with low cash holdings would invest less when investors were depressed. Further analysis of the impact on resource allocation efficiency was made. It is found that the "worsening effect" and "mitigating effect" of investor sentiment on inefficient investments are also affected by the level of cash holdings. But it alleviates underinvestment when investor sentiment is low; low cash holdings exacerbate underinvestment when investor sentiment is low, but ease overinvestment when sentiment is high.
【作者单位】：中国农业大学经济管理学院;华东理工大学商学院;
【基金】：国家自然科学基金面上项目“制度环境、投资者情绪与企业投资行为”(项目批准号:71072099)的资助
【分类号】：F275

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