基金投资潮涌现象对企业投资的抑制效应研究——基于上市公司数据的PSM-DID实证分析  

The Inhibitory Effect of "Wave Phenomenon" of Investment in Securities Funds on Enterprise Investment——Empirical Analysis of PSM-DID based on Data of Listed Companies

作　　者：杜威望 Du Weiwang

机构地区：[1]华侨大学经济与金融学院

出　　处：《投资研究》2019年第3期144-158,共15页Review of Investment Studies

摘　　要：本文从管理层工资率变动和有限关注转移两方面分析了基金投资潮涌现象对企业投资水平的影响效应和路径。理论分析表明,(1)基金投资潮涌现象会对企业的投资水平产生影响,但影响的效应和路径还需通过实证验证。基于PSM-DID的实证研究发现,(2)无论是正向还是负向的基金投资潮涌现象均会抑制企业的投资水平。影响路径实证检验发现,(3)正向和负向的基金投资潮涌现象分别通过管理层工资率上升和管理层有限关注转移抑制企业投资水平。This article analyzes the effect and influence path of the “Wave Phenomenon" of investment in securities funds on the investment level of the enterprise from the change of the management wage rate and the limited attention transfer of management. Theoretical analysis shows that the "Wave Phenomenon" of investment in securities funds will have an impact on the investment level of enterprise, but the effect and influence path still need to be verified by empirical research. The empirical study based on PSM-DID finds that whether the positive or negative “Wave Phenomenon"of investment in securities funds will inhibit the investment level of enterprises. Empirical test of influence path shows that the positive and negative "Wave Phenomenon” of investment in securities funds can restrain the level of investment through the rise of the management wage rate and the limited attention transfer of management respectively.

关 键 词：基金投资潮涌现象 企业投资 抑制效应 倾向得分匹配-双重差分法 

分 类 号：G10[文化科学] G31