行为金融视角下投资者情绪对实体企业金融化的影响研究  

Research on the Influence of Investor Sentiment on the Industrial Companies’ Financialization from the Perspective of Behavioral Finance

作　　者：杨松令[1] 牛登云 刘亭立[1] 王志华 Yang Songling;Niu Dengyun;Liu Tingli;Wang Zhihua(College of Economics and Management,Beijing University of Technology,Beijing 100124;School of Business,Shanxi Datong University,Datong 037009)

机构地区：[1]北京工业大学经济与管理学院,北京100124 [2]山西大同大学商学院,大同037009

出　　处：《管理评论》2021年第6期3-15,共13页Management Review

基　　金：国家社会科学基金重点项目(13AGL003);国家社会科学基金一般项目(18BGL090);山西省哲学社会科学规划课题(2020YY186)。

摘　　要：在实体企业金融类资产配置程度不断提高的现实背景下,企业金融化逐渐成为学术界和实务界共同关注的焦点,已有成果多聚焦于宏观层面的诱因分析,尚缺乏研究从行为金融视角提供来自新兴市场的微观证据。为此,本文以非金融保险类、非房地产类上市公司为研究对象,通过理论分析、模型推导和实证检验,刻画了行为金融视角下投资者情绪对实体企业金融化的影响路径。研究表明:投资者情绪造成的股票误定价会显著提升实体企业的金融化水平,而企业的股权融资依赖程度和管理者迎合程度会强化二者间的正向关系。进一步研究表明,上述作用关系在不同产权性质的企业间及不同宏观经济环境下均存在显著差异。本文从行为金融角度拓展了实体企业金融化的机理研究,有助于识别市场情绪在实体企业金融类资产配置过程中扮演的角色,为监管层管理资本市场情绪、规范股权融资过程提供了理论依据,亦有助于实体企业和中小投资者合理规避投融资过程的风险和投机行为。Against the backdrop of increasingly prevailing financial asset allocation in industrial companies,corporate financialization is becoming a common focus of academia and industry. While existing researches mainly concentrate on the analysis of incentives at the macro level,there is still a lack of research to provide micro-evidence in the emerging markets. Consequently,this paper studies nonfinancial and non-real estate listed firms by conducting theoretical analysis,model deduction and empirical test,and depicts the impact of investor sentiment on the financialization of entity enterprise from the perspective of behavioral finance. The results show that the mispricing of stocks caused by investors’ sentiment will significantly increase the level of financialization of industrial companies. Meanwhile the degree of equity financing dependence and the level of managerial compliance will strengthen the positive relationship between the two. Further,the above-mentioned relationship varies significantly among enterprises with different property rights and in different economic periods. From the perspective of behavioral finance,the paper expands the research on the mechanism of financialization of entity enterprise,which helps identify the role of market sentiment in the allocation of financial assets,and provides a theoretical basis for regulators to manage market sentiment and standardize the process of equity financing. This paper also helps industrial companies and minority investors to circumvent the risks and speculation in the investment and financing process.

关 键 词：行为金融 投资者情绪 实体企业金融化 股权融资依赖 管理者迎合 

分 类 号：F832.51[经济管理—金融学]