摘要
资本市场的投资者并不完全理性,会对股票价值高估或低估,而公司管理层在投资决策时可能迎合这种错误定价。文章以2003-2010年我国上市公司为对象,证实了公司在投资决策时对投资者情绪的迎合效应,并且这种效应受到市场状况、个体投资者短视程度以及企业自身融资约束的影响。
The investors in capital market are not always fully rational, which will lead to overestimation or underestimation of the stock price, and the management of the company may cater to such mispricing. With a sample of 2003 -2010 Chinese listed companies, this paper confirms that the companies do cater to the investor sentiment when they make investment decisions. Further analysis indicates that, different intervals of the capital market, myopia of the investors and financing constraints of the companies have significant impacts on such catering behavior.
出处
《商业经济与管理》
CSSCI
北大核心
2013年第6期60-67,85,共9页
Journal of Business Economics
基金
教育部人文社会科学研究基金青年项目(09YJC790244)
浙江省自然科学基金项目(LY12G02018)
关键词
投资者情绪
迎合渠道
股权融资渠道
融资约束
investor sentiment
catering channel
equity financing channel
financing constraints
