投资者情绪、企业投资水平与投资偏好——基于股权融资渠道与迎合渠道的对比

发布时间：2018-02-15 02:38

本文关键词： 投资者情绪股权融资渠道迎合渠道研发投资　出处：《云南财经大学学报》2017年04期 　论文类型：期刊论文

【摘要】：投资者情绪会影响企业的投资决策,文章在投资者非理性的假设下,以2004~2013年上市企业面板数据研究了投资者情绪对企业投资水平与投资偏好的影响。结果显示:(1)投资者情绪与企业投资水平呈正相关关系,高涨的投资者情绪会促使企业投资的增加,低落的投资者情绪会促使企业投资的减少;(2)在中国资本市场股权融资渠道理论和迎合理论同时适用,且迎合渠道发挥的作用更大;(3)基于研发投资与固定资产投资的特点不同,与固定资产投资相比,投资者情绪对企业研发投资的影响程度更大。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]:The investor sentiment will influence the investment decision of the enterprise. Based on the panel data of listed enterprises from 2004 to 2013, this paper studies the influence of investor sentiment on the investment level and preference of enterprises. The results show that there is a positive correlation between investor sentiment and enterprise investment level. Rising investor sentiment will lead to an increase in business investment, while a low investor sentiment will drive a reduction in corporate investment.) both the equity financing channel theory and the pandering theory in China's capital markets will apply. Based on the differences between R & D investment and fixed asset investment, investor sentiment has a greater impact on enterprise R & D investment than fixed asset investment. In the process of corporate governance, investors should be given full attention, and the supervision authorities should perfect 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;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)
【分类号】：B842;F275;F832.51

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