本文選題：投資者情緒 + 管理者短視�。� 參考：《山西財(cái)經(jīng)大學(xué)》2017年碩士論文

【摘要】：近年來(lái),國(guó)內(nèi)外上市公司投資“扭曲”現(xiàn)象頻繁發(fā)生,這種現(xiàn)象嚴(yán)重?fù)p害了股東利益、削弱了公司價(jià)值、導(dǎo)致社會(huì)資源配置無(wú)法實(shí)現(xiàn)最優(yōu)甚至使國(guó)家經(jīng)濟(jì)遭受了一定的損失。針對(duì)這種現(xiàn)象,國(guó)內(nèi)外學(xué)者試圖通過(guò)傳統(tǒng)的委托代理理論進(jìn)行解釋,但結(jié)果都不盡人意。而后,隨著行為金融學(xué)的興起,國(guó)外學(xué)者們率先嘗試將心理學(xué)與行為金融學(xué)結(jié)合起來(lái)考慮,通過(guò)理論分析與實(shí)證檢驗(yàn),結(jié)果發(fā)現(xiàn),公司進(jìn)行“扭曲”投資,很大部分原因是受到了投資者非理性和管理者非理性的影響。那么,就我國(guó)上市公司的實(shí)際狀況,投資者非理性、管理者非理性與公司投資到底有什么樣的關(guān)系呢?采取相應(yīng)的防范措施后,公司投資的“扭曲”現(xiàn)象是否會(huì)有所改善呢?對(duì)于這些問(wèn)題的研究與解決,有助于公司投資更加理性、發(fā)展愈加穩(wěn)定、經(jīng)濟(jì)資源配置更高效進(jìn)而刺激國(guó)家經(jīng)濟(jì)更好更快地發(fā)展。投資者非理性和管理者非理性的表現(xiàn)形式較多,但鑒于其他表現(xiàn)形式的度量指標(biāo)選取尚未在學(xué)術(shù)界形成統(tǒng)一觀點(diǎn),為此,本文選取投資者情緒與管理者短視分別作為投資者非理性、管理者非理性的代表,具體分析了投資者情緒、管理者短視及二者并存情況下分別對(duì)公司投資的影響。理論方面,本文將傳統(tǒng)金融學(xué)理論與行為金融學(xué)理論相結(jié)合,系統(tǒng)闡述了研究機(jī)理及途徑。在實(shí)證方面,在對(duì)數(shù)據(jù)進(jìn)行收集、整理與剔除之后,本文以2010-2015年上市公司的數(shù)據(jù)作為研究樣本,借鑒劉端和陳收(2006)、花貴如和劉志遠(yuǎn)(2011)以及溫忠麟等(2004)的實(shí)證模型,并加入相應(yīng)的控制變量后,運(yùn)用相關(guān)指標(biāo)對(duì)本文提出的假設(shè)進(jìn)行了實(shí)證研究。得出以下結(jié)論:(1)投資者情緒和管理者短視都會(huì)導(dǎo)致公司短期投資增加、長(zhǎng)期投資減少;(2)在機(jī)構(gòu)投資者持股背景下,管理者短視得到有效遏制,表現(xiàn)為短期投資降低,這一結(jié)果在統(tǒng)計(jì)上顯著;(3)管理者短視與投資者情緒共同影響下,公司投資也會(huì)受到影響,并且經(jīng)中介效應(yīng)模型檢驗(yàn),發(fā)現(xiàn)投資者情緒通過(guò)影響管理者短視,進(jìn)而對(duì)公司投資產(chǎn)生影響。本文具有以下創(chuàng)新之處:第一、為保證研究更加貼近真實(shí)市場(chǎng),本文采用了逐步放寬研究假設(shè)的方法;第二、為研究投資者情緒對(duì)公司投資產(chǎn)生影響的過(guò)程中,管理者短視是否參與,運(yùn)用中介效應(yīng)檢驗(yàn)程序,檢驗(yàn)了二者之間的傳染效應(yīng);第三、不同于以往的單一研究,本文將投資者情緒與管理者短視納入同一框架,研究它們對(duì)公司投資的共同影響;第四、引入機(jī)構(gòu)投資者作為公司治理的重要因素,研究了機(jī)構(gòu)投資者的參股是否能對(duì)公司投資起到相應(yīng)的約束作用。根據(jù)本文研究,得到如下啟示:(1)機(jī)構(gòu)投資者持股可以糾正管理者短視偏差,引導(dǎo)公司理性投資;(2)應(yīng)該向投資者宣傳風(fēng)險(xiǎn)意識(shí)以及樹(shù)立正確的投資觀念,避免盲目投資和情緒化投資的影響;(3)管理者應(yīng)該運(yùn)用自己的專業(yè)知識(shí),判斷清楚未來(lái)發(fā)展趨勢(shì),避免受到投資者情緒或其他因素的影響。本文的研究尚且存在不足之處,主要表現(xiàn)為:(1)鑒于我國(guó)上市公司數(shù)據(jù)的局限性和其他表現(xiàn)形式指標(biāo)選取存在的困難,因此沒(méi)有深入研究投資者非理性和管理者非理性的其他表現(xiàn)形式對(duì)公司投資的影響;(2)文章中,實(shí)證研究都是在理論假設(shè)條件下進(jìn)行,這導(dǎo)致研究尚存在不嚴(yán)謹(jǐn)之處。
[Abstract]:In recent years, the phenomenon of "distortion" in the investment of listed companies both at home and abroad has occurred frequently. This phenomenon has seriously damaged the interests of the shareholders, weakened the value of the company, and caused the social resource allocation to be impossible to achieve the best or even the national economy suffered a certain loss. However, the results are not satisfactory. Then, with the rise of behavioral finance, foreign scholars have taken the lead in combining psychology and behavioral finance to consider, through theoretical analysis and empirical test, the results show that the company is "distorted" investment, most of the original cause is the irrational and irrational shadow of investors. Then, as to the actual situation of the listed companies in China, what is the relationship between the irrational investor and the manager's irrational and the company investment? Will the "distortion" of the company's investment be improved after taking the corresponding preventive measures? And the research and solution of these problems will help the company to invest more rationally and develop. More stable and more efficient, economic resources are more efficient and more efficient to stimulate the development of the national economy. The irrational and irrational expression of investors is more. However, in view of the fact that the selection of other forms of performance has not yet formed a unified view in the academic circle, this paper selects the investor sentiment and the manager's shortsightedness as the investment. The investor is irrational and the manager is irrational. It analyzes the influence of investor sentiment, manager shortsightedness and the coexistence of the two. In theory, this paper combines the traditional finance theory with the behavioral finance theory, systematically expounds the research mechanism and ways. In the empirical aspect, the data is collected. After sorting and eliminating, this paper uses the data of 2010-2015 years listed companies as the research samples, using the empirical models of Liu Duan and Chen collection (2006), Liu Zhiyuan (2011) and Wen Zhonglin (2004), and after adding the corresponding control variables, using relevant indicators to carry out an empirical study on the hypothesis proposed in this paper. The following conclusions are drawn: (1) Investor sentiment and manager shortsightedness will cause the company's short-term investment to increase and the long-term investment decrease; (2) under the background of institutional investor ownership, the manager shortsightedness is effectively curbed and the short-term investment is reduced, the result is statistically significant; (3) the corporate investment will also be affected by the common influence of the manager's short sight and the investor sentiment. This article has the following innovations: first, in order to ensure that the research is closer to the real market, this paper adopts a method to gradually relax the hypothesis of the research, and second, to study the investor sentiment to the company. In the course of the impact of life, the manager shortsightedness is involved, and the mediation effect test procedure is used to test the infection effect between the two. Third, different from the previous single research, this paper puts the investor sentiment and the manager shortsightedness into the same framework, and studies their common influence on the investment of the company; fourth, introducing institutional investors as the public. The important factor of corporate governance is to study whether the participation of institutional investors can play a corresponding constraint on the investment of the company. According to this study, the following revelations are obtained: (1) institutional investors' shareholding can correct managers' shortsightedness and guide the rational investment of the company; (2) it is necessary to publicize risk awareness and establish correct investment to investors. Concept, avoid the influence of blind investment and emotional investment; (3) managers should use their own professional knowledge to judge the future development trend and avoid the influence of investor sentiment or other factors. The research of this paper is still inadequacies, mainly as follows: (1) in view of the limitations and other performance of the data of our listed companies It is difficult to choose the form index, so there is no deep study on the influence of other irrational forms of investor's irrational and irrational behavior on the investment of the company. (2) in the article, the empirical research is carried out under the hypothesis of theoretical hypothesis, which leads to the lack of rigorous research.

【學(xué)位授予單位】：山西財(cái)經(jīng)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;F272.91

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