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

  更多相關文章： 投資者情緒 投資行為 投資效率

【摘要】：公司金融學在當代不斷進步和發(fā)展,專家學者們開始對行為金融學和行為公司財務進行深入地研究。由于證券市場經常出現(xiàn)股價異常變動的情況,這種異常波動通常被認為是被市場中投資者情緒所影響的。投資者情緒指證券市場中投資者在進行投資的過程中所表現(xiàn)出來的非理性行為。學術界對于投資者情緒影響公司投資行為以及上市公司股價變動的程度展開了一定的研究,對于投資者情緒是否會影響到公司投資效率的研究卻為數(shù)不多。股價的變動對于上市公司來說,不僅會影響到公司的投融資決策,甚至對于一個公司的正常運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,為了給上市公司投融資決策提供一定的實證經驗,在有效行為理論的基礎之上,對投資者情緒進行一定的考察;同時驗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系,希望能夠在不斷提升上市公司企業(yè)價值的基礎上,改進上市公司投融資決策的理性化。以便更好的促進證券市場中上市公司的正常平穩(wěn)發(fā)展,減少非理性行為對上市公司乃至整個證券市場的不良影響。我國證券市場由于起步較晚,雖然經過了 30年的改革和現(xiàn)代化經濟建設,但是一方面由于為數(shù)眾多的個人證券市場參與者缺少自身專業(yè)素質等,另一方面監(jiān)管制度不嚴格造成機構投資者違規(guī)操作等原因,我國證券市場經常會出現(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的研究方法,構建對投資者情緒的研究指標,來檢驗投資者情緒對我國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,文章在結合有關投資者情緒和企業(yè)投資行為研究理論的基礎之上,分析了投資者情緒對上市公司投資行為影響的作用機制:股權渠道機制和迎合渠道機制;運用了一定的代理變量,使用主成分分析法,構建出了一個投資者情緒的綜合指標;最后使用構建的投資者情緒指標,對我國的上市公司行為進行實證分析。主要分析兩個內容:一是檢驗投資者情緒與上市公司投資行為的影響關系并對具有不同特征的上市公司進行了分別檢驗;二是檢驗投資者情緒與上市公司的投資效率之間是否有相關性。經過實證發(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性的研究結論。
[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.

【學位授予單位】：哈爾濱商業(yè)大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F832.51;F275

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