市场情绪对投资效率与企业价值的作用效果——基于投资者非理性的假设

发布时间：2018-05-26 13:02

本文选题：金融研究 + 投资者情绪　；参考：《西南民族大学学报(人文社科版)》2017年12期

【摘要】：文章在投资者非理性的假设下,基于2004-2015年上市企业面板数据考察了投资者情绪对企业投资效率的影响。结果显示:(1)高涨的投资者情绪加剧了企业的过度投资,而低迷的投资者情绪则加剧了企业的投资不足;(2)针对不同产权性质的企业,投资者情绪的影响是非对称的,其中国有企业所受的影响比非国有企业更小;(3)投资者非理性情绪的影响会通过企业投资而反映到企业价值的层面,低落的投资者情绪会加深企业的投资不足问题而降低企业价值。因此,企业治理过程中应当对投资者给予充分重视,同时监管当局应完善市场的监管制度,营造理性投资的市场环境。
[Abstract]:On the assumption of investor irrationality, this paper investigates the influence of investor sentiment on the efficiency of enterprise investment based on the panel data of listed companies from 2004 to 2015. The results show that the high investor sentiment exacerbates the overinvestment of enterprises, while the depressed investor sentiment exacerbates the underinvestment of enterprises.) for enterprises with different property rights, the influence of investor sentiment is asymmetrical. Among them, the influence of state-owned enterprises is smaller than that of non-state-owned enterprises.) the influence of investors' irrational emotions will be reflected in the level of enterprise value through enterprise investment. Low investor sentiment will deepen the problem of underinvestment and reduce the value of the enterprise. Therefore, in the process of corporate governance, investors should be given full attention, and the regulatory authorities should improve the supervision system of the market and create a rational market environment for investment.
【作者单位】：天津财经大学经济学院;中国农业银行天津市分行;天津财经大学研究生院;天津财经大学金融与保险研究中心;
【基金】：国家社会科学基金项目“包容性金融发展减缓农村人口贫困的作用机制及政策选择研究”(16BJY157)阶段性成果
【分类号】：F275;F832.51

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