公司不确定性、投资者过度自信与资产增长异象

发布时间：2018-01-13 13:42

本文关键词：公司不确定性、投资者过度自信与资产增长异象　出处：《管理评论》2014年12期 　论文类型：期刊论文

【摘要】：本文研究了投资者过度自信对A股市场资产增长异象的解释力,及公司不确定性对上述解释力的调节作用。本文对1999-2012年A股上市公司的实证研究发现:A股市场存在显著的资产增长异象,这在整体及个体层面不确定性较高的公司中尤其明显;在市场情绪高涨期,A股市场资产增长异象更为明显,公司不确定性的调节作用不再显著;在市场情绪低落期,A股市场资产增长异象较弱,公司整体及个体层面的不确定性仍具有调节作用。研究结论符合本文预期,进而从投资者过度自信视角解释并证明了A股市场资产增长异象,这丰富和深化了基于投资的资产定价研究、行为公司金融研究,并具有一定的实践意义。
[Abstract]:This paper studies the explanatory power of investor overconfidence on asset growth anomalies in A-share market. The empirical study of A-share listed companies from 1999 to 2012 shows that there is a significant asset growth anomaly in A-share market. This is especially evident in companies with high uncertainty at the overall and individual levels; During the period of high market sentiment, the asset growth anomalies of A share market are more obvious, and the adjustment of company uncertainty is no longer significant. In the period of low market sentiment, the asset growth anomaly of A share market is weak, and the uncertainty of the whole and individual level of the company still plays a moderating role. The conclusion of the study is in line with the expectation of this paper. From the perspective of investor overconfidence, this paper explains and proves the asset growth anomalies in A-share market, which enriches and deepens the investment-based asset pricing research and behavioral company finance research, and has certain practical significance.
【作者单位】：河南财经政法大学会计学院;
【基金】：国家自然科学基金面上项目(71072084)
【分类号】：F832.51;F275
【正文快照】： 引言在有效的股市中,理性投资者能依据完全信息对公司资本支出进行合理定价,公司资本支出信息难以预测未来股票收益。但近期许多研究证明,公司扩张规模(如并购、举债、增发股票)后,股票收益往往较低,收缩规模后(如出售资产、回购股票、偿还债务),股票收益则较高,也即公司资本

【共引文献】