本文關(guān)鍵詞：股票市場(chǎng)投資者情緒對(duì)上市公司投資行為影響研究　出處：《哈爾濱商業(yè)大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 投資者情緒 投資行為 投資效率

【摘要】：公司金融學(xué)在當(dāng)代不斷進(jìn)步和發(fā)展,專家學(xué)者們開始對(duì)行為金融學(xué)和行為公司財(cái)務(wù)進(jìn)行深入地研究。由于證券市場(chǎng)經(jīng)常出現(xiàn)股價(jià)異常變動(dòng)的情況,這種異常波動(dòng)通常被認(rèn)為是被市場(chǎng)中投資者情緒所影響的。投資者情緒指證券市場(chǎng)中投資者在進(jìn)行投資的過程中所表現(xiàn)出來的非理性行為。學(xué)術(shù)界對(duì)于投資者情緒影響公司投資行為以及上市公司股價(jià)變動(dòng)的程度展開了一定的研究,對(duì)于投資者情緒是否會(huì)影響到公司投資效率的研究卻為數(shù)不多。股價(jià)的變動(dòng)對(duì)于上市公司來說,不僅會(huì)影響到公司的投融資決策,甚至對(duì)于一個(gè)公司的正常運(yùn)作的影響也十分明顯。出于考察投資者情緒如何影響上市公司的投資變動(dòng),為了給上市公司投融資決策提供一定的實(shí)證經(jīng)驗(yàn),在有效行為理論的基礎(chǔ)之上,對(duì)投資者情緒進(jìn)行一定的考察;同時(shí)驗(yàn)證投資者情緒和影響上市公司投資效率和行為幾之間的關(guān)系,希望能夠在不斷提升上市公司企業(yè)價(jià)值的基礎(chǔ)上,改進(jìn)上市公司投融資決策的理性化。以便更好的促進(jìn)證券市場(chǎng)中上市公司的正常平穩(wěn)發(fā)展,減少非理性行為對(duì)上市公司乃至整個(gè)證券市場(chǎng)的不良影響。我國(guó)證券市場(chǎng)由于起步較晚,雖然經(jīng)過了 30年的改革和現(xiàn)代化經(jīng)濟(jì)建設(shè),但是一方面由于為數(shù)眾多的個(gè)人證券市場(chǎng)參與者缺少自身專業(yè)素質(zhì)等,另一方面監(jiān)管制度不嚴(yán)格造成機(jī)構(gòu)投資者違規(guī)操作等原因,我國(guó)證券市場(chǎng)經(jīng)常會(huì)出現(xiàn)非理性化的投資行為,因此出現(xiàn)過多次大規(guī)模的超跌瘋漲的情況。為了考察投資者的非理性投資行為,使用投資者情緒綜合指標(biāo)的研究方法,構(gòu)建對(duì)投資者情緒的研究指標(biāo),來檢驗(yàn)投資者情緒對(duì)我國(guó)上市公司的投資行為的影響。在以上論述的背景和研究目的之上,文章在結(jié)合有關(guān)投資者情緒和企業(yè)投資行為研究理論的基礎(chǔ)之上,分析了投資者情緒對(duì)上市公司投資行為影響的作用機(jī)制:股權(quán)渠道機(jī)制和迎合渠道機(jī)制;運(yùn)用了一定的代理變量,使用主成分分析法,構(gòu)建出了一個(gè)投資者情緒的綜合指標(biāo);最后使用構(gòu)建的投資者情緒指標(biāo),對(duì)我國(guó)的上市公司行為進(jìn)行實(shí)證分析。主要分析兩個(gè)內(nèi)容:一是檢驗(yàn)投資者情緒與上市公司投資行為的影響關(guān)系并對(duì)具有不同特征的上市公司進(jìn)行了分別檢驗(yàn);二是檢驗(yàn)投資者情緒與上市公司的投資效率之間是否有相關(guān)性。經(jīng)過實(shí)證發(fā)現(xiàn),投資者情緒與上市公司的投資行為之間存在正相關(guān)性,并且也發(fā)現(xiàn)具有不同特征的上市公司的投資行為受投資者情緒的影響并不相同,也得到了上市公司投資不足與投資者情緒之間具有正相關(guān)性的研究結(jié)論。
[Abstract]:Corporate finance in the continuous progress and development, experts and scholars began a thorough study on the behavioral finance and behavioral finance. Due to abnormal changes in stock prices often appear abnormal fluctuations in the stock market, this is generally considered to be influenced by the market in investor sentiment. Investor sentiment refers to the investors in the stock market is shown in in the process of investment in the non rational behavior. The academia did some research for the investment behavior of investor sentiment affects the company and listed company stock price level, whether investor sentiment will affect the efficiency of investment is few. The stock price for listed companies, not only financing the company's decision to influence, even to affect the normal operation of a company is also very obvious. For the study of investor sentiment to shadow Sound investment of listed companies changes, in order to provide empirical experience in investment and financing decision for the listed company, on the basis of effective behavior theory, a study on investor sentiment and investor sentiment; and influence the relationship between listed companies and the efficiency of investment behavior between several verification, hope to be able to continuously improve the basic value of listed companies on the rational improvement of corporate investment and financing decisions. In order to promote the smooth development of the stock market listed companies, to reduce the adverse effects of non rational behavior of listed companies and the whole stock market. China's securities market due to a late start, although after 30 years of reform and modernization of economic construction, but a due to a large number of individual securities market participants lack their own professional quality, on the other hand, the regulatory system is not strictly caused by institutional investors Investors illegal operations and other reasons, China's securities market often appear non rational investment behavior, so there have been several large-scale oversold situation. In order to skyrocketing non rational investment behavior of investors, investor sentiment index using the research methods, research on the construction of index of investor sentiment, to test the effect of investor sentiment on the investment behavior of listed company. On the background and study aim in the above discussion, the article in combining basic theory about investor sentiment and corporate investment behavior research, analyzes the influence mechanism of investor sentiment on the investment behavior of listed companies: equity channel and catering channel mechanism; use some proxy variables by using the principal component analysis method, to construct a comprehensive index of investor sentiment; finally construct investor sentiment index, to me An empirical analysis of the behavior of Listed Companies in China. The main contents: analysis of two impact is a test of investor sentiment and investment behavior of listed companies were respectively to test with different characteristics of the listed company; the two is to test whether there is a correlation between investor sentiment and investment efficiency of listed companies. Through empirical analysis found that there is a positive correlation between investor sentiment and investment behavior of listed companies, and also found that the influence of investment behavior with different characteristics of the listed companies by the investor sentiment is not the same, also got the research conclusion has the positive correlation between the lack of investment in listed companies and investor sentiment.

【學(xué)位授予單位】：哈爾濱商業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F832.51;F275

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