投资者情绪对上市公司投资行为的影响分析

发布时间：2018-05-02 06:33

本文选题：投资者情绪 + 投资行为　；参考：《内蒙古大学》2017年硕士论文

【摘要】：随着行为金融学的兴起,资产价格波动如何影响实体经济再次成为新的研究焦点。由于以"理性经济人"和"市场有效性"为假设前提的传统金融理论无法解释资本市场上出现的"金融异象",传统金融学理论的两个假设前提受到质疑。学者们纷纷将传统金融理论的假设前提逐渐放宽,在投资者非理性和管理者理性的基本理论框架下进一步研究投资者情绪引起的股票价格波动对上市公司投资行为产生的影响。本文基于现有研究的基础上,进一步放宽了假设条件,将投资者非理性和管理者非理性纳入同一框架,从行为金融学的视角分析了投资者情绪如何影响上市公司的投资行为。首先,通过建立理论模型,从投资规模和投资效率两个维度分析了投资者情绪对上市公司投资行为的影响,进一步分析了该影响在产权性质不同的公司中存在的差异,并使用我国资本市场2007-2015的数据进行了实证检验。其次,从微观机制视角出发,对上述影响的传导路径进行了研究,在股权融资机制和理性迎合机制的基础上提出并检验了管理者信心机制,并进一步研究了不同产权性质公司中的具体传导机制。最后,针对本文的研究内容和结论,从投资者、上市公司和监管者层面提出了政策建议。本文的研究结论如下:1.投资者情绪与上市公司投资规模正相关。投资者情绪的高涨会使上市公司的投资规模增加,投资者情绪的低落使上市公司投资规模下降。2.投资者情绪与过度投资正相关,与投资不足负相关。投资者情绪的高涨会引发上市公司的过度投资,投资者情绪的低落会引发上市公司的投资不足。3.与国有企业相比,民营企业的投资规模和投资效率受投资者情绪的影响程度更大。4.投资者情绪既可以通过股权融资机制和理性迎合机制影响上市公司的投资行为,也可以通过管理者信心机制影响上市公司投资行为。5.投资者情绪对国有企业投资行为的影响主要通过股权融资机制,对民营企业的影响既通过管理者信心机制,也通过理性迎合机制。
[Abstract]:With the rise of behavioral finance, how asset price fluctuations affect the real economy has become a new research focus. Because the traditional financial theory based on the premise of "rational economic man" and "market efficiency" cannot explain the "financial anomalies" in the capital market, the two hypothetical premises of the traditional financial theory are questioned. Scholars have gradually relaxed the assumptions of traditional financial theory and further studied the impact of stock price fluctuations caused by investor sentiment on the investment behavior of listed companies under the basic theoretical framework of investor irrationality and manager rationality. Based on the existing research, this paper further loosens the hypothetical conditions, brings investor irrationality and manager irrationality into the same framework, and analyzes how investor sentiment affects the investment behavior of listed companies from the perspective of behavioral finance. First of all, through the establishment of theoretical model, this paper analyzes the influence of investor sentiment on the investment behavior of listed companies from the two dimensions of investment scale and investment efficiency, and further analyzes the differences of the influence in the companies with different property rights. And use the data of our country capital market 2007-2015 to carry on the empirical test. Secondly, from the perspective of micro mechanism, this paper studies the transmission path of the above effects, puts forward and tests the confidence mechanism of managers on the basis of equity financing mechanism and rational pandering mechanism. And further studied the specific transmission mechanism of different property rights companies. Finally, according to the research contents and conclusions of this paper, the paper puts forward policy recommendations from investors, listed companies and regulators. The conclusions of this paper are as follows: 1: 1. Investor sentiment and listed company investment scale is positive correlation. The upsurge of investor sentiment will increase the investment scale of listed companies, and the depression of investor sentiment will reduce the investment size of listed companies by 0. 2%. Investor sentiment is positively correlated with overinvestment and negatively correlated with underinvestment. Rising investor sentiment will lead to overinvestment by listed companies, and low investor sentiment will lead to underinvestment of 0. 3% of listed companies. Compared with state-owned enterprises, the investment scale and efficiency of private enterprises are more influenced by investor sentiment. Investor sentiment can not only influence the investment behavior of listed companies through equity financing mechanism and rational pandering mechanism, but also affect the investment behavior of listed companies by manager confidence mechanism. The influence of investor sentiment on the investment behavior of state-owned enterprises is mainly through the equity financing mechanism, and the influence on private enterprises is not only through the manager's confidence mechanism, but also through the rational pandering mechanism.
【学位授予单位】：内蒙古大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：C912.6;F832.51;F275

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