股票市场投资者情绪对上市公司投资行为影响研究

发布时间：2018-01-07 07:38

本文关键词：股票市场投资者情绪对上市公司投资行为影响研究　出处：《哈尔滨商业大学》2017年硕士论文　论文类型：学位论文

【摘要】：公司金融学在当代不断进步和发展,专家学者们开始对行为金融学和行为公司财务进行深入地研究。由于证券市场经常出现股价异常变动的情况,这种异常波动通常被认为是被市场中投资者情绪所影响的。投资者情绪指证券市场中投资者在进行投资的过程中所表现出来的非理性行为。学术界对于投资者情绪影响公司投资行为以及上市公司股价变动的程度展开了一定的研究,对于投资者情绪是否会影响到公司投资效率的研究却为数不多。股价的变动对于上市公司来说,不仅会影响到公司的投融资决策,甚至对于一个公司的正常运作的影响也十分明显。出于考察投资者情绪如何影响上市公司的投资变动,为了给上市公司投融资决策提供一定的实证经验,在有效行为理论的基础之上,对投资者情绪进行一定的考察;同时验证投资者情绪和影响上市公司投资效率和行为几之间的关系,希望能够在不断提升上市公司企业价值的基础上,改进上市公司投融资决策的理性化。以便更好的促进证券市场中上市公司的正常平稳发展,减少非理性行为对上市公司乃至整个证券市场的不良影响。我国证券市场由于起步较晚,虽然经过了 30年的改革和现代化经济建设,但是一方面由于为数众多的个人证券市场参与者缺少自身专业素质等,另一方面监管制度不严格造成机构投资者违规操作等原因,我国证券市场经常会出现非理性化的投资行为,因此出现过多次大规模的超跌疯涨的情况。为了考察投资者的非理性投资行为,使用投资者情绪综合指标的研究方法,构建对投资者情绪的研究指标,来检验投资者情绪对我国上市公司的投资行为的影响。在以上论述的背景和研究目的之上,文章在结合有关投资者情绪和企业投资行为研究理论的基础之上,分析了投资者情绪对上市公司投资行为影响的作用机制:股权渠道机制和迎合渠道机制;运用了一定的代理变量,使用主成分分析法,构建出了一个投资者情绪的综合指标;最后使用构建的投资者情绪指标,对我国的上市公司行为进行实证分析。主要分析两个内容:一是检验投资者情绪与上市公司投资行为的影响关系并对具有不同特征的上市公司进行了分别检验;二是检验投资者情绪与上市公司的投资效率之间是否有相关性。经过实证发现,投资者情绪与上市公司的投资行为之间存在正相关性,并且也发现具有不同特征的上市公司的投资行为受投资者情绪的影响并不相同,也得到了上市公司投资不足与投资者情绪之间具有正相关性的研究结论。
[Abstract]:Corporate finance in the continuous progress and development, experts and scholars began a thorough study on the behavioral finance and behavioral finance. Due to abnormal changes in stock prices often appear abnormal fluctuations in the stock market, this is generally considered to be influenced by the market in investor sentiment. Investor sentiment refers to the investors in the stock market is shown in in the process of investment in the non rational behavior. The academia did some research for the investment behavior of investor sentiment affects the company and listed company stock price level, whether investor sentiment will affect the efficiency of investment is few. The stock price for listed companies, not only financing the company's decision to influence, even to affect the normal operation of a company is also very obvious. For the study of investor sentiment to shadow Sound investment of listed companies changes, in order to provide empirical experience in investment and financing decision for the listed company, on the basis of effective behavior theory, a study on investor sentiment and investor sentiment; and influence the relationship between listed companies and the efficiency of investment behavior between several verification, hope to be able to continuously improve the basic value of listed companies on the rational improvement of corporate investment and financing decisions. In order to promote the smooth development of the stock market listed companies, to reduce the adverse effects of non rational behavior of listed companies and the whole stock market. China's securities market due to a late start, although after 30 years of reform and modernization of economic construction, but a due to a large number of individual securities market participants lack their own professional quality, on the other hand, the regulatory system is not strictly caused by institutional investors Investors illegal operations and other reasons, China's securities market often appear non rational investment behavior, so there have been several large-scale oversold situation. In order to skyrocketing non rational investment behavior of investors, investor sentiment index using the research methods, research on the construction of index of investor sentiment, to test the effect of investor sentiment on the investment behavior of listed company. On the background and study aim in the above discussion, the article in combining basic theory about investor sentiment and corporate investment behavior research, analyzes the influence mechanism of investor sentiment on the investment behavior of listed companies: equity channel and catering channel mechanism; use some proxy variables by using the principal component analysis method, to construct a comprehensive index of investor sentiment; finally construct investor sentiment index, to me An empirical analysis of the behavior of Listed Companies in China. The main contents: analysis of two impact is a test of investor sentiment and investment behavior of listed companies were respectively to test with different characteristics of the listed company; the two is to test whether there is a correlation between investor sentiment and investment efficiency of listed companies. Through empirical analysis found that there is a positive correlation between investor sentiment and investment behavior of listed companies, and also found that the influence of investment behavior with different characteristics of the listed companies by the investor sentiment is not the same, also got the research conclusion has the positive correlation between the lack of investment in listed companies and investor sentiment.

【学位授予单位】：哈尔滨商业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F275

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