投资者实地调研会加剧企业过度投资吗

Does Investors’ Field Research Intensify Companies’ Overinvestment

以2013—2019年我国A股上市公司为样本,对投资者实地调研和企业过度投资之间的关系及其作用机制进行了探讨。研究发现:投资者实地调研显著加剧了上市公司的过度投资行为,其中投资者情绪发挥了部分中介作用;对调研纪要进行文本分析后发现,管理层语调呈积极状态的实地调研次数越多,企业过度投资越严重;区分不同类型的实地调研后发现,持股型实地调研会削弱调研行为对上市公司过度投资的加剧作用。本文基于过度投资视角研究了投资者实地调研的作用,拓宽了投资者实地调研的经济后果研究。

This study examined the relationship and its influencing mechanism between investors’ field research and companies’ overinvestment based on the sample of A-share listed companies from 2013 to 2019. We found that investors’ field research had significantly aggravated the overinvestment behavior of listed companies, and investor sentiment played a partial mediating role. After analyzing the research summary, more positive field researches would lead to severer overinvestment behaviours. Among different types of field researches, only shareholding visits would weaken the aggravating effect of site visits. The research angle of overinvestment had broadened the research results of economic consequences.