基于不同企业特征的投资者情绪对企业投资水平的影响研究——来自浙江省上市公司的经验证据

本文基于行为金融学视角,以2010—2012年沪深两市浙江省A股上市公司为研究样本,在企业投资水平受投资者情绪影响的基础上,进一步实证检验了在这过程中不同企业特征的调节作用。结果表明,以年日均换手率为替代变量的投资者情绪与企业投资水平呈显著正相关,当企业规模较小、现金持有量较高及资产负债率较低时,企业投资更容易受情绪影响。

Research of investors emotion’s influence on enterprise investment level based on different enterprise——experience evidence from Zhejiang province listed companies

Based on behavioral finance perspective,the sample for the study is A-share listed companies of Zhejiang in Shanghai and Shenzhen Stock Exchange of 2010-2012 year.Since corporate investment level is affected by investor’s sentiment,the artical further conduct an empirical analysis of different corporate features’ regulation effect in this process.As a result,the paper find that investor’s sentiment which represented by annual average exchange rate is significantly positive with corporate investment level and when the corporate size is small、cash holding is large and the asset-liability ratio is low,corporate investment level is more easily affected by investor’s sentiment.