本文選題：投資者情緒　切入點：現(xiàn)金持有　出處：《中國會計評論》2015年02期 　論文類型：期刊論文

【摘要】：已有研究發(fā)現(xiàn),投資者情緒會對企業(yè)的投資水平及資源配置效率產(chǎn)生重要影響,但是市場環(huán)境對公司行為的影響會因個體特質(zhì)的差異而明顯不同。本文將公司資源中流動性最強的現(xiàn)金持有與外部市場的投資者情緒共同納入分析框架,發(fā)現(xiàn)高現(xiàn)金持有的企業(yè)在投資者情緒高漲時會進行更多的投資,而低現(xiàn)金持有的企業(yè)在投資者情緒低落時更少進行投資。進一步分析對資源配置效率的影響,發(fā)現(xiàn)投資者情緒對非效率投資的"惡化效應(yīng)"和"緩解效應(yīng)"也會受到現(xiàn)金持有水平的影響。高現(xiàn)金持有會加劇投資者情緒高漲時的過度投資,但會緩解投資者情緒低落時的投資不足問題;低現(xiàn)金持有會惡化投資者情緒低落時的投資不足狀況,但會緩解投資者情緒高漲時的過度投資問題。
[Abstract]:Previous studies have found that investor sentiment has an important impact on the level of investment and resource allocation efficiency. However, the impact of market environment on corporate behavior will be significantly different from the individual characteristics. This paper puts the most liquid cash holdings in the company resources and investor sentiment in the external market into the analytical framework. It was found that firms with high cash holdings would invest more when investor sentiment was high, while those with low cash holdings would invest less when investors were depressed. Further analysis of the impact on resource allocation efficiency was made. It is found that the "worsening effect" and "mitigating effect" of investor sentiment on inefficient investments are also affected by the level of cash holdings. But it alleviates underinvestment when investor sentiment is low; low cash holdings exacerbate underinvestment when investor sentiment is low, but ease overinvestment when sentiment is high.
【作者單位】： 中國農(nóng)業(yè)大學(xué)經(jīng)濟管理學(xué)院;華東理工大學(xué)商學(xué)院;
【基金】：國家自然科學(xué)基金面上項目“制度環(huán)境、投資者情緒與企業(yè)投資行為”(項目批準(zhǔn)號:71072099)的資助
【分類號】：F275

【參考文獻】

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本文編號：1561387