投资者情绪和企业过度投资行为研究.pdfVIP

投资者情绪与企业过度投资行为研究* 崔晓蕾1, 2 徐龙炳2 （1.南通大学商学院，226019 ；2.上海财经大学金融学院，200433 ） Investor Sentiment and Corporate Overinvestment Cui Xiaolei1, 2 Xu Longbing2 1 （ School of Business, Nantong University, Nantong, 226019, China ； 2 School of Finance, Shanghai University of Finance and Economics, Shanghai, 200433, China ） Abstract: This paper studies the influence of investor sentiment on corporate overinvestment from the perspective of investor irrationality. And it further investigates what type of enterprise is affected by investor sentiment more seriously, while what kind of company is influenced more slightly. According to the data of listed firms from 1998-2010 in China stock market, this paper empirically finds that investor sentiment has significantly positive impact on corporate overinvestment. The results also show that the more free cash flow the company has, the more serious impact of investor sentiment on overinvestment, however, the higher degree of financial constraint the company faced with , the lower degree of influence by investor sentiment on overinvestment. This paper expands the study about the economic consequence of investor sentiment affecting corporate invetsment. And it also helps us to better understand how the irrational financial market influences the allocative efficiency of the company, and even affects the development of the real economy from the micro perspective. Key words: Investor Sentiment, Overinvestment, Free cash flow, Financial Constraint 作者简介 崔晓蕾，女，南通大学商学院讲师，金融学博士。2012 年6 月毕业于上海财经大学，获金融学博士学 位。研究领域：公司金融、行为金融。 徐龙炳，男，上海财经大学金融学院教授，博士生导师，上海财经大学财经研究所副所长，美国康奈 尔大学访问学者。2000年毕业于上海财经大学，获金融学博士学位。2007年度教育部新世纪优秀人才支持 计划获得者。研究领域：资本市场、行为金融、公司金融。 联系方式 徐龙炳 通讯地址：上海市国定路777号上海财经大学金融学院 邮编：200