投资者情绪、管理者短视与公司投资研究

发布时间：2018-05-14 06:00

本文选题：投资者情绪 + 管理者短视　；参考：《山西财经大学》2017年硕士论文

【摘要】：近年来,国内外上市公司投资“扭曲”现象频繁发生,这种现象严重损害了股东利益、削弱了公司价值、导致社会资源配置无法实现最优甚至使国家经济遭受了一定的损失。针对这种现象,国内外学者试图通过传统的委托代理理论进行解释,但结果都不尽人意。而后,随着行为金融学的兴起,国外学者们率先尝试将心理学与行为金融学结合起来考虑,通过理论分析与实证检验,结果发现,公司进行“扭曲”投资,很大部分原因是受到了投资者非理性和管理者非理性的影响。那么,就我国上市公司的实际状况,投资者非理性、管理者非理性与公司投资到底有什么样的关系呢?采取相应的防范措施后,公司投资的“扭曲”现象是否会有所改善呢?对于这些问题的研究与解决,有助于公司投资更加理性、发展愈加稳定、经济资源配置更高效进而刺激国家经济更好更快地发展。投资者非理性和管理者非理性的表现形式较多,但鉴于其他表现形式的度量指标选取尚未在学术界形成统一观点,为此,本文选取投资者情绪与管理者短视分别作为投资者非理性、管理者非理性的代表,具体分析了投资者情绪、管理者短视及二者并存情况下分别对公司投资的影响。理论方面,本文将传统金融学理论与行为金融学理论相结合,系统阐述了研究机理及途径。在实证方面,在对数据进行收集、整理与剔除之后,本文以2010-2015年上市公司的数据作为研究样本,借鉴刘端和陈收(2006)、花贵如和刘志远(2011)以及温忠麟等(2004)的实证模型,并加入相应的控制变量后,运用相关指标对本文提出的假设进行了实证研究。得出以下结论:(1)投资者情绪和管理者短视都会导致公司短期投资增加、长期投资减少;(2)在机构投资者持股背景下,管理者短视得到有效遏制,表现为短期投资降低,这一结果在统计上显著;(3)管理者短视与投资者情绪共同影响下,公司投资也会受到影响,并且经中介效应模型检验,发现投资者情绪通过影响管理者短视,进而对公司投资产生影响。本文具有以下创新之处:第一、为保证研究更加贴近真实市场,本文采用了逐步放宽研究假设的方法;第二、为研究投资者情绪对公司投资产生影响的过程中,管理者短视是否参与,运用中介效应检验程序,检验了二者之间的传染效应;第三、不同于以往的单一研究,本文将投资者情绪与管理者短视纳入同一框架,研究它们对公司投资的共同影响;第四、引入机构投资者作为公司治理的重要因素,研究了机构投资者的参股是否能对公司投资起到相应的约束作用。根据本文研究,得到如下启示:(1)机构投资者持股可以纠正管理者短视偏差,引导公司理性投资;(2)应该向投资者宣传风险意识以及树立正确的投资观念,避免盲目投资和情绪化投资的影响;(3)管理者应该运用自己的专业知识,判断清楚未来发展趋势,避免受到投资者情绪或其他因素的影响。本文的研究尚且存在不足之处,主要表现为:(1)鉴于我国上市公司数据的局限性和其他表现形式指标选取存在的困难,因此没有深入研究投资者非理性和管理者非理性的其他表现形式对公司投资的影响;(2)文章中,实证研究都是在理论假设条件下进行,这导致研究尚存在不严谨之处。
[Abstract]:In recent years, the phenomenon of "distortion" in the investment of listed companies both at home and abroad has occurred frequently. This phenomenon has seriously damaged the interests of the shareholders, weakened the value of the company, and caused the social resource allocation to be impossible to achieve the best or even the national economy suffered a certain loss. However, the results are not satisfactory. Then, with the rise of behavioral finance, foreign scholars have taken the lead in combining psychology and behavioral finance to consider, through theoretical analysis and empirical test, the results show that the company is "distorted" investment, most of the original cause is the irrational and irrational shadow of investors. Then, as to the actual situation of the listed companies in China, what is the relationship between the irrational investor and the manager's irrational and the company investment? Will the "distortion" of the company's investment be improved after taking the corresponding preventive measures? And the research and solution of these problems will help the company to invest more rationally and develop. More stable and more efficient, economic resources are more efficient and more efficient to stimulate the development of the national economy. The irrational and irrational expression of investors is more. However, in view of the fact that the selection of other forms of performance has not yet formed a unified view in the academic circle, this paper selects the investor sentiment and the manager's shortsightedness as the investment. The investor is irrational and the manager is irrational. It analyzes the influence of investor sentiment, manager shortsightedness and the coexistence of the two. In theory, this paper combines the traditional finance theory with the behavioral finance theory, systematically expounds the research mechanism and ways. In the empirical aspect, the data is collected. After sorting and eliminating, this paper uses the data of 2010-2015 years listed companies as the research samples, using the empirical models of Liu Duan and Chen collection (2006), Liu Zhiyuan (2011) and Wen Zhonglin (2004), and after adding the corresponding control variables, using relevant indicators to carry out an empirical study on the hypothesis proposed in this paper. The following conclusions are drawn: (1) Investor sentiment and manager shortsightedness will cause the company's short-term investment to increase and the long-term investment decrease; (2) under the background of institutional investor ownership, the manager shortsightedness is effectively curbed and the short-term investment is reduced, the result is statistically significant; (3) the corporate investment will also be affected by the common influence of the manager's short sight and the investor sentiment. This article has the following innovations: first, in order to ensure that the research is closer to the real market, this paper adopts a method to gradually relax the hypothesis of the research, and second, to study the investor sentiment to the company. In the course of the impact of life, the manager shortsightedness is involved, and the mediation effect test procedure is used to test the infection effect between the two. Third, different from the previous single research, this paper puts the investor sentiment and the manager shortsightedness into the same framework, and studies their common influence on the investment of the company; fourth, introducing institutional investors as the public. The important factor of corporate governance is to study whether the participation of institutional investors can play a corresponding constraint on the investment of the company. According to this study, the following revelations are obtained: (1) institutional investors' shareholding can correct managers' shortsightedness and guide the rational investment of the company; (2) it is necessary to publicize risk awareness and establish correct investment to investors. Concept, avoid the influence of blind investment and emotional investment; (3) managers should use their own professional knowledge to judge the future development trend and avoid the influence of investor sentiment or other factors. The research of this paper is still inadequacies, mainly as follows: (1) in view of the limitations and other performance of the data of our listed companies It is difficult to choose the form index, so there is no deep study on the influence of other irrational forms of investor's irrational and irrational behavior on the investment of the company. (2) in the article, the empirical research is carried out under the hypothesis of theoretical hypothesis, which leads to the lack of rigorous research.

【学位授予单位】：山西财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F275;F272.91

【参考文献】