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已有研究发现,投资者情绪会对企业的投资水平及资源配置效率产生重要影响,但是市场环境对公司行为的影响会因个体特质的差异而明显不同。本文将公司资源中流动性最强的现金持有与外部市场的投资者情绪共同纳入分析框架,发现高现金持有的企业在投资者情绪高涨时会进行更多的投资,而低现金持有的企业在投资者情绪低落时更少进行投资。进一步分析对资源配置效率的影响,发现投资者情绪对非效率投资的“恶化效应”和“缓解效应”也会受到现金持有水平的影响。高现金持有会加剧投资者情绪高涨时的过度投资,但会缓解投资者情绪低落时的投资不足问题;低现金持有会恶化投资者情绪低落时的投资不足状况,但会缓解投资者情绪高涨时的过度投资问题。
It has been found that the investor sentiment will have a significant impact on the level of investment and resource allocation efficiency of enterprises, but the impact of market environment on corporate behavior will be significantly different due to individual traits. This paper combines the most liquid cash holdings in the company resources with the investor sentiment in the external markets into the analysis framework and finds that high cash-holding companies will make more investments when investor sentiment is high, while low-cash holdings Of companies invest less when investors are depressed. Further analysis of the impact of resource allocation efficiency found that investor sentiment on non-efficiency investment “deteriorating effect ” and “mitigation effect ” will also be affected by the level of cash holdings. High cash holdings can exacerbate overinvestment in investor sentiment but ease the underinvestment of investors when their emotions are depressed. Low cash holdings can worsen the underinvestment of investors when their emotions are depressed, but they can ease investor sentiment Overinvestment in the boom.