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投资者情绪会影响企业的投资决策,文章在投资者非理性的假设下,以2004~2013年上市企业面板数据研究了投资者情绪对企业投资水平与投资偏好的影响。结果显示:(1)投资者情绪与企业投资水平呈正相关关系,高涨的投资者情绪会促使企业投资的增加,低落的投资者情绪会促使企业投资的减少;(2)在中国资本市场股权融资渠道理论和迎合理论同时适用,且迎合渠道发挥的作用更大;(3)基于研发投资与固定资产投资的特点不同,与固定资产投资相比,投资者情绪对企业研发投资的影响程度更大。因此,企业治理过程中应当对投资者给予充分重视,同时监管当局应完善市场的监管制度,营造理性投资的市场环境。
Investors’ sentiment will affect the investment decision-making of enterprises. Based on the irrational assumption of investors, the article studies the influence of investor sentiment on the level of investment and investment preference of listed companies from 2004 to 2013. The results show that: (1) there is a positive correlation between the investor sentiment and the level of corporate investment. The rising investor sentiment will lead to the increase of corporate investment, and the depressed investor sentiment will lead to the decrease of corporate investment. (2) Equity financing in Chinese capital market Channel theory and cater to the theory apply at the same time, and play a greater role to cater to the channel; (3) based on the different characteristics of R & D investment and fixed asset investment, compared with fixed asset investment, investor sentiment has a greater impact on corporate R & D investment . Therefore, the process of corporate governance should give full attention to investors, while regulatory authorities should improve the regulatory system of the market, and create a rational investment market environment.