盈余质量、投资者信心与投资增长  

Earnings Quality,Investor Confidence and Investment Growth

作　　者：雷光勇[1] 王文[1] 金鑫[1] 

机构地区：[1]对外经济贸易大学国际商学院,北京100029

出　　处：《中国软科学》2011年第9期144-155,共12页China Soft Science

基　　金：国家社会科学基金项目(10BGL017);对外经济贸易大学"211工程"项目(73200032);学术创新团队项目

摘　　要：投资者信心的保持与提升是投资增长和一国经济获得可持续发展的基本前提。投资者信心会影响企业投资行为吗?会计盈余质量影响投资增长的机制是什么?本文利用中小板上市公司数据对投资者信心的形成机理和影响因素,及其对企业投资增长的影响进行实证研究。结果表明,投资者信心是市场层面因素和盈利性、成长性等公司层面因素共同影响的结果。盈余质量越高,信息透明度越好,外部投资者的信心越强;投资者信心的变化通过提高或降低企业融资成本进而对企业投资规模产生作用,这种正向影响随着盈余质量的提高而增强,投资者信心越强,盈余质量越高,企业投资规模越大。本文的结论也表明,公司会计信息质量、内部现金流、企业规模等因素都会影响投资者的信心,进而影响企业投资规模。Investors＇ confidence is a hot topic of behavioral finance,and corporate investment is the base for a firm as well as a leverage for development and expansion.Does investors＇ confidence influence corporate investment？ This paper examines the forming mechanism and the effects of investors＇ confidence,as well as its effects on corporate investment scale of Chinese listed companies by using the data from Chinese security market and annual report of listed companies.The paper finds that both the whole market and the growing and earning capacity of a company influence investors＇ confidence.The higher quality of earnings quality,the higher investors＇ confidence;Changes of investors＇ confidence and earnings quality influence corporate investment scale through changing stock financing costs.The higher the investors＇ confidence,the higher earnings quality,results in the larger scale of the corporate investment.The empirical results also hold that some factors such as the quality of accounting information,internal cash flow and size may influence investors＇ confidence,which may even have further impacts on corporate investment scale.

关 键 词：盈余质量 投资者信心 融资成本 投资增长 

分 类 号：F270[经济管理—企业管理]