非对称的托宾q效应——基于有限理性行为的解释  

Asymmetrical Tobin's Q Effect——An Interpretation Based on Bounded Rational Behaviors

作　　者：黄荣哲[1] 农丽娜[2] 

机构地区：[1]广西财经学院金融系,南宁530003 [2]中国人民银行南宁中心支行,南宁530028

出　　处：《云南财经大学学报》2010年第5期75-80,共6页Journal of Yunnan University of Finance and Economics

摘　　要：通过构造托宾q值正向和负向冲击的时间序列,然后再利用VAR模型对托宾q效应进行实证分析。结果表明,股市托宾q效应是非对称的。与q值负向冲击相比较,正向冲击对于投资的短期影响较强。而造成这种现象的主要原因是投资者的有限理性行为。By creating the time series of positive and negative impulses ot Tobin＇s q, an empirical study is made by using VAR Model to analyze the effect of Tobin＇ s q. The result shows that the Tobin＇ s q effect of the stock market is asymmetrical. Positive impulse of Tobin＇ s q has stronger impacts on investment than negative impulse in a short period. The phenomenon results from bounded rational behaviors of investors.

关 键 词：托宾Q效应 展望理论 心理账户 沉没成本效应 拇指规则 

分 类 号：F832.5[经济管理—金融学]