| 透视中国上市公司的“迎合投资”行为 |
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| 引用本文： | 夏芳,谭跃,张跃龙.透视中国上市公司的“迎合投资”行为[J].广东金融学院学报,2011(5). |
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| 作者姓名： | 夏芳 谭跃 张跃龙 |
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| 作者单位： | 暨南大学管理学院; |
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| 基金项目： | 广东省教育厅广东高校优秀青年创新人才培育项目(WYM10017) |
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| 摘 要： | 采用2003～2008年中国沪深股票市场的A股上市公司作为研究样本,在市场非理性背景下研究投资者情绪对上市公司投资行为的影响。区分市场情绪低落和高涨时期,发现只有在市场情绪高涨时期公司投资才对投资者情绪敏感;而在市场情绪低落时期,上市公司通过盈余管理导致错误定价配合公司投资决策。作为投资者短视代表的换手率对上市公司迎合投资行为的影响呈倒U型,说明并不是换手率越高,公司投资对投资者情绪的迎合越明显。
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| 关 键 词： | 投资者情绪 企业迎合投资 盈余管理 |
Examining the Catering Investment of Listed Companies in China |
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| Xia Fang,Tan Yue , Zhang Yuelong.Examining the Catering Investment of Listed Companies in China[J].Journal of Guangdong University of Finance,2011(5). |
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| Authors: | Xia Fang Tan Yue Zhang Yuelong |
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| Institution: | Xia Fang,Tan Yue and Zhang Yuelong(Management Faculty,Jinan University,Guangzhou 510632,China) |
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| Abstract: | The paper used A-share listed companies in China stock market from 2003 to 2008 as research samples,studied the influence on the investment behavior of listed companies in the market under the background of irrational investors.By empirical research,we found that thecateringmechanism only valid in the period of market sentiment high and in the periods of market sentiment depression listed companies using earnings management to manipulate stock price in order to felicitate investment.We also found that the r... |
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| Keywords: | investors'sentiment corporate catering investment earnings management |
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