投资者情绪与上市公司投资水平——迎合还是保守?  

The Effect of Investor Sentiment on the Listed Company's Investment—Catering Or Managerial Conservatism

作　　者：朱朝晖[1,2] 杨滨[2] 毛愫璜[3] 张智君[1] 

机构地区：[1]浙江大学心理与行为科学系,杭州310028 [2]浙江工商大学财务与会计学院,杭州310018 [3]浙江广播电视大学经济管理学院,杭州310030

出　　处：《应用心理学》2012年第3期232-238,共7页Chinese Journal of Applied Psychology

基　　金：教育部人文社会科学研究基金青年项目(09YJC790244)

摘　　要：资本市场的投资者并不完全理性，会出现对股票价格的高估或低估。本研究以2003～2010年我国上市公司为对象进行研究，发现在面对非理性的投资者时，公司管理者同时存在迎合心理和保守主义倾向，且受到公司融资约束条件的影响。迎合渠道是投资者情绪影响公司投资水平的主要渠道，即使是低融资约束的公司，也表现出了显著的迎合行为，而高融资约束的公司则对投资者情绪的效应更敏感。但是，只有在低融资约束情况下，部分公司才会在投资决策中表现出保守主义倾向。The investors in capital market are not always fully ra- tional, which gives rise to overestimation or underesti- mation of the stock price. With a sample consisting of 2003- 2010 Chinese listed companies, this paper sug- gests that there is a co-existence of catering incentives and managerial conservatism in the face of investors＇ irrationality, which is subject to tile impact of the com- panies＇ financing constraints. Catering the investor sen- timent is the main channel of the investor sentiment＇ s effect on the companies＇ investment level. Even in the low financing constraints companies, their managers also demonstrated a catering behavior, while the companies with high financing constraints were more sensitive to the effects of investor sentiment. However, in the case of low financing constraints, some companies showed over- conservatism in the investment decision-making, and re- duced investment when investor sentiment was high.

关 键 词：投资者情绪 迎合 保守 融资约束 

分 类 号：F275[经济管理—企业管理] B849[经济管理—国民经济]