| 投资者情绪与上市公司投资--行为金融角度的实证分析 |
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| 引用本文： | 刘红忠,张昉.投资者情绪与上市公司投资--行为金融角度的实证分析[J].复旦学报(社会科学版),2004(5):63-68. |
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| 作者姓名： | 刘红忠 张昉 |
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| 作者单位： | 复旦大学,国际金融系,上海,200433 |
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| 基金项目： | 国家社科基金“上市公司自愿性信息披露行为分析”课题 (0 3BJY0 5 2 )资助 |
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| 摘 要： | 金融市场与企业投资行为之间存在着正向关系 ,无论是Q理论还是融资约束理论都支持这一观点。行为金融学在该方面则莫衷一是。本文利用股票的流动性作为衡量市场投资者情绪高低的指标 ,通过对我国上市公司投资水平影响因素的实证研究 ,发现上市公司的投资水平与市场投资者情绪呈现明显的负相关 ,并利用行为金融学的研究成果尝试对此给出一定的解释
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| 关 键 词： | 行为金融学 投资者情绪 流动性 Q理论 融资约束 |
| 文章编号： | 0257-0289(2004)05-0063-006 |
| 修稿时间： | 2003年12月1日 |
Investor Sentiment and the Investment of Listed Enterprises--An Empirical Study from the Perspective of Behavioral Finance |
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| Liu Hong-zhong,Zhang Fang.Investor Sentiment and the Investment of Listed Enterprises--An Empirical Study from the Perspective of Behavioral Finance[J].Fudan Journal(Social Sciences Edition),2004(5):63-68. |
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| Authors: | Liu Hong-zhong Zhang Fang |
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| Abstract: | The financial market and the firm business investment are positively related, which is supported by both the Tobin Q theory and the financial constraints theory. However, behavioral finance hasn't reached an agreement on this yet. Using liquidity as an indicator of investor sentiment, our empirical study shows that the investment of China's listed enterprises is significantly and negatively related to the investor sentiment. We have tried to give some explanation about this under the framework of behavioral finance. |
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| Keywords: | behavioral finance investor sentiment liquidity Q theory financial constraints |
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