投资者情绪、预算软约束预期与投资现金流敏感性  

Investor Sentiment,Soft Budget Constraint Expectation,and Investment Cash Flow Sensitivity

作　　者：黄宏斌[1] 刘志远[2] 靳光辉[3] 

机构地区：[1]天津财经大学商学院会计学系 [2]南开大学商学院会计系 [3]兰州大学管理学院

出　　处：《经济与管理研究》2014年第2期56-62,共7页Research on Economics and Management

基　　金：国家自然科学基金面上项目"制度环境;投资者情绪与企业投资行为"(71072099);国家自然科学基金青年项目"经济周期;融资约束与营运资本的动态协同选择"(71302114);国家社会科学基金青年项目"高管过度自信;财务冗余对企业创新的影响及对策研究"(13CGL034);天津市财政局重点会计科研项目"投资者情绪与银行信贷资源配置效率"(kjkyxm132501)的阶段性研究成果

摘　　要：本文以投资者情绪衡量公司外部股权融资环境的变化,研究不同预算软约束预期下,投资者情绪对公司投资现金流敏感性影响的差异。研究发现,高涨的投资者情绪带来择时发行股票的好时机,总体上缓解了企业面临的融资约束,投资现金流敏感性降低。当按照预算软约束预期对样本进行分组后,投资现金流敏感性降低的程度因组别不同而有所差异。预算软约束预期较弱的组别,最为敏感地捕捉了择时发行股票的好时机,其投资现金流敏感性明显降低。This paper used the changes of overall market investor sentiment as the changes of equity financing environment,and combined it with the different degree of company＇s financing constraints to investigate the investment-cash flow Sensitivity under dill）rent soft budget constraint expectations. The results showed that high investor sentiment brought a good opportunity to issue shares,eased enterprises＇ financing constraints in general. By dividing the soft budget constraint expectation groups,we found that the reduction of investment-cash flow Sensitivity was different with the different groups. Enterprises with little soft budget constraint expectation were most sensitive to capture the high investor sentiment to issue new shares,eased their own financing constraints powerfully.

关 键 词：投资者情绪 预算软约束 预期投资现金流敏感性 融资约束 

分 类 号：F832.5[经济管理—金融学]