投资者情绪与创业板公司投融资决策研究

发布时间：2018-01-16 05:19

本文关键词：投资者情绪与创业板公司投融资决策研究　出处：《华南理工大学》2013年硕士论文　论文类型：学位论文

【摘要】：随着财会理论研究者开始将心理活动因素纳入公司财务决策的研究范围，，一个行为金融学的子领域——行为公司金融理论成为了近年来金融学界的研究热点。但目前对该领域的研究尚未形成完整的理论体系，各国学者多是基于特定的资本市场进行研究，得出的结论往往差异较大。另一方面，定位于低起点、高成长企业的国内创业板市场，一经推出就有众多中小散户投资者参与炒作。在信息、经验和资金等方面的劣势往往导致投资者容易出现“羊群效应”等非理性情绪。因此针对我国创业板这一特殊市场的研究，对完善现有的行为公司金融理论有一定的实践意义，同时还可以为监管层在引导和促进国内创业板市场健康发展提供有参考价值的政策建议。内容安排上，本文首先回顾国内外相关理论与文献，并就我国的实际情况提出与西方学者先前的研究结论有所不同的假设，随后通过描述性分析，得出创业板公司的投融资决策定性特征，最后以国内创业板公司2008-2012的公开数据为研究样本，在用主成分分析法提炼出创业板综合投资者情绪指数基础上，以此作为解释变量对创业板公司的投融资决策进行实证分析。研究结果表明创业板公司在上市前由于自身的高风险特性，较难从银行等传统渠道获得资金，在进行融资决策时对IPO较为依赖；实证结果则验证了投资者情绪与其IPO超募融资率显著正相关，而超募融资率直接影响到创业板公司的既定融资计划，因此可以得出投资者情绪通过影响创业板公司超募资金率的高低来间接影响创业板上市公司的融资决策；在股权高度集中、无显性再融资约束的情况下，创业板公司在制定投资决策时受投资者情绪影响较小，而与其现金流量水平显著正相关。
[Abstract]:With the financial accounting theory researchers began to incorporate psychological activities into the study of corporate financial decision-making. Behavioral company finance theory, a sub-field of behavioral finance, has become a hot research topic in finance field in recent years, but the research in this field has not yet formed a complete theoretical system. Scholars in many countries are based on specific capital markets, and the conclusions are often quite different. On the other hand, they are located in the domestic gem market with low starting point and high growth enterprises. Once launched, there are many small and medium-sized retail investors involved in speculation. In the information. The disadvantages in experience and capital often lead to irrational emotions such as "herd effect". Therefore, the research on gem is a special market in China. It has certain practical significance to perfect the existing behavioral company financial theory, and can also provide some policy suggestions for the supervision layer to guide and promote the healthy development of the domestic gem market. In terms of content arrangement, this paper first reviews the relevant theories and literature at home and abroad, and puts forward some hypotheses that are different from the previous research conclusions of western scholars on the actual situation of our country, and then through descriptive analysis. The qualitative characteristics of the investment and financing decisions of gem companies are obtained. Finally, the open data of domestic gem companies from 2008 to 2012 are taken as the research samples. In the use of principal component analysis to extract the gem comprehensive investor sentiment index on the basis of. As an explanatory variable, this paper makes an empirical analysis on the investment and financing decisions of gem companies. The results show that it is difficult for gem companies to obtain funds from traditional channels such as banks because of their high risk characteristics before listing. It depends on IPO when making financing decision; The empirical results verify that investor sentiment is significantly positively correlated with its IPO over-financing rate, and the over-fundraising rate has a direct impact on the established financing plans of gem companies. Therefore, it can be concluded that investor sentiment indirectly affects the financing decisions of gem listed companies by influencing the rate of excess funds raised by gem companies. In the case of high concentration of equity and no explicit refinancing constraints, gem companies are less affected by investor sentiment when making investment decisions, and are significantly positively correlated with their cash flow level.
【学位授予单位】：华南理工大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51

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