投资者情绪对企业资源配置效率的影响--基于过度投资的视角

文章从过度投资的视角研究了投资者情绪对企业资源配置效率的影响，并进一步考察了何种类型企业的过度投资行为更易受投资者情绪的影响。基于中国沪深两市上市公司1998—2010年的样本数据，文章的实证结果显示，在中国市场上投资者情绪对公司过度投资有显著为正的影响；拥有越多自由现金流量的公司，其过度投资行为受投资者情绪的影响程度越高；而融资约束程度越高的公司，其过度投资行为受投资者情绪的影响程度越低。这一研究发现拓展了对投资者情绪影响公司投资行为经济后果的研究，有助于我们更好地从微观视角理解金融市场的非理性是如何影响企业的资源配置效率，乃至影响到整个实体经济的发展。

The Effect of Investor Sentiment on the Efficiency of Corporate Resource Allocation： A Perspective of Overinvestment

This paper studies the influence of investor sentiment on the efficiency of corporate resource allocation from the perspective o（ overinvestment, and further investigates the types of enterprises whose overinvestment is more inclined to be affected by investor sentiment. Based on the data of Shanghai-listed and Shenzhen-listed companies from 1998 to 2010 in China, this paper reaches the empirical results as follows： firstly, investor sentiment has the significantly positive impact on corporate overinvestment in Chinese securities market; secondly, in companies with more free cash flow, investor sentiment has stronger effects on corporate overinvestment; thirdly, in companies with higher degree of financial constraints, investor sentiment has weaker effects on overinvestment. This paper expands the study about the economic consequences of the effect of investor sentiment on corporate investment, and also helps us to better understand the effect of irrational financial market on the efficiency of corporate resource allocation and even the development of the whole real economy from a micro perspective.