本文關(guān)鍵詞：投資者情緒與創(chuàng)業(yè)板公司投融資決策研究　出處：《華南理工大學(xué)》2013年碩士論文　論文類(lèi)型：學(xué)位論文

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【摘要】：隨著財(cái)會(huì)理論研究者開(kāi)始將心理活動(dòng)因素納入公司財(cái)務(wù)決策的研究范圍，，一個(gè)行為金融學(xué)的子領(lǐng)域——行為公司金融理論成為了近年來(lái)金融學(xué)界的研究熱點(diǎn)。但目前對(duì)該領(lǐng)域的研究尚未形成完整的理論體系，各國(guó)學(xué)者多是基于特定的資本市場(chǎng)進(jìn)行研究，得出的結(jié)論往往差異較大。另一方面，定位于低起點(diǎn)、高成長(zhǎng)企業(yè)的國(guó)內(nèi)創(chuàng)業(yè)板市場(chǎng)，一經(jīng)推出就有眾多中小散戶投資者參與炒作。在信息、經(jīng)驗(yàn)和資金等方面的劣勢(shì)往往導(dǎo)致投資者容易出現(xiàn)“羊群效應(yīng)”等非理性情緒。因此針對(duì)我國(guó)創(chuàng)業(yè)板這一特殊市場(chǎng)的研究，對(duì)完善現(xiàn)有的行為公司金融理論有一定的實(shí)踐意義，同時(shí)還可以為監(jiān)管層在引導(dǎo)和促進(jìn)國(guó)內(nèi)創(chuàng)業(yè)板市場(chǎng)健康發(fā)展提供有參考價(jià)值的政策建議。 內(nèi)容安排上，本文首先回顧國(guó)內(nèi)外相關(guān)理論與文獻(xiàn)，并就我國(guó)的實(shí)際情況提出與西方學(xué)者先前的研究結(jié)論有所不同的假設(shè)，隨后通過(guò)描述性分析，得出創(chuàng)業(yè)板公司的投融資決策定性特征，最后以國(guó)內(nèi)創(chuàng)業(yè)板公司2008-2012的公開(kāi)數(shù)據(jù)為研究樣本，在用主成分分析法提煉出創(chuàng)業(yè)板綜合投資者情緒指數(shù)基礎(chǔ)上，以此作為解釋變量對(duì)創(chuàng)業(yè)板公司的投融資決策進(jìn)行實(shí)證分析。研究結(jié)果表明創(chuàng)業(yè)板公司在上市前由于自身的高風(fēng)險(xiǎn)特性，較難從銀行等傳統(tǒng)渠道獲得資金，在進(jìn)行融資決策時(shí)對(duì)IPO較為依賴；實(shí)證結(jié)果則驗(yàn)證了投資者情緒與其IPO超募融資率顯著正相關(guān)，而超募融資率直接影響到創(chuàng)業(yè)板公司的既定融資計(jì)劃，因此可以得出投資者情緒通過(guò)影響創(chuàng)業(yè)板公司超募資金率的高低來(lái)間接影響創(chuàng)業(yè)板上市公司的融資決策；在股權(quán)高度集中、無(wú)顯性再融資約束的情況下，創(chuàng)業(yè)板公司在制定投資決策時(shí)受投資者情緒影響較小，而與其現(xiàn)金流量水平顯著正相關(guān)。
[Abstract]:With the financial accounting theory researchers began to incorporate psychological activities into the study of corporate financial decision-making. Behavioral company finance theory, a sub-field of behavioral finance, has become a hot research topic in finance field in recent years, but the research in this field has not yet formed a complete theoretical system. Scholars in many countries are based on specific capital markets, and the conclusions are often quite different. On the other hand, they are located in the domestic gem market with low starting point and high growth enterprises. Once launched, there are many small and medium-sized retail investors involved in speculation. In the information. The disadvantages in experience and capital often lead to irrational emotions such as "herd effect". Therefore, the research on gem is a special market in China. It has certain practical significance to perfect the existing behavioral company financial theory, and can also provide some policy suggestions for the supervision layer to guide and promote the healthy development of the domestic gem market. In terms of content arrangement, this paper first reviews the relevant theories and literature at home and abroad, and puts forward some hypotheses that are different from the previous research conclusions of western scholars on the actual situation of our country, and then through descriptive analysis. The qualitative characteristics of the investment and financing decisions of gem companies are obtained. Finally, the open data of domestic gem companies from 2008 to 2012 are taken as the research samples. In the use of principal component analysis to extract the gem comprehensive investor sentiment index on the basis of. As an explanatory variable, this paper makes an empirical analysis on the investment and financing decisions of gem companies. The results show that it is difficult for gem companies to obtain funds from traditional channels such as banks because of their high risk characteristics before listing. It depends on IPO when making financing decision; The empirical results verify that investor sentiment is significantly positively correlated with its IPO over-financing rate, and the over-fundraising rate has a direct impact on the established financing plans of gem companies. Therefore, it can be concluded that investor sentiment indirectly affects the financing decisions of gem listed companies by influencing the rate of excess funds raised by gem companies. In the case of high concentration of equity and no explicit refinancing constraints, gem companies are less affected by investor sentiment when making investment decisions, and are significantly positively correlated with their cash flow level.
【學(xué)位授予單位】：華南理工大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類(lèi)號(hào)】：F832.51

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