投资者情绪、企业投资行为与资源配置效率

基于中国资本市场的经验数据,文章实证研究了投资者情绪对企业投资行为影响的经济后果。结果发现,投资者情绪与企业过度投资显著正相关,而与投资不足呈显著的负相关关系;投资者情绪的冲击对企业当前和未来绩效的影响表现为"正向影响——负向影响——逐渐消退"的过程。这意味着,在中国资本市场中,投资者情绪对资源配置效率具有"恶化效应"与"校正效应"的两面性,而其"总体效应"表现为资源配置效率的降低。上述研究发现对于深入理解投资者情绪影响对企业投资行为所产生的经济后果具有重要意义,也有助于我们从微观企业的视角反思金融危机对实体经济的影响。

Investor Sentiment, Corporate Investment and Resource Allocation Efficiency

According to the data of listed firms from 2000-2008 in China's capital market,this paper empirically analyzes the effect of investor sentiment on corporate investment.The results show that investor sentiment has positive effect on overinvestment and negative effect on underinvestment.The effect of investor sentiment on performance of firm is manifested in a process of "positive effect-negative effect-gradual decline".It suggests investor sentiment has a two-sided economic effect on resource allocation efficiency.The results also help us to understand the effect of investor sentiment on corporate investment and the effect of worldwide "Financial Tsunami" spread to the real economy from the micro-enterprise perspective.