投资者情绪、股票错误估值与上市公司投资

Investor Sentiment,Stock Misvaluation and Corporate Investment

以剩余收益估值模型衡量股票错误估值程度,基于公司层面测度投资者情绪,利用非平衡面板数据模型检验投资投资者情绪如何通过证券市场传导到上市公司从而影响其实际投资行为。实证研究发现,投资者情绪主要通过直接的迎合渠道而非间接的股权融资渠道影响上市公司投资行为,且公司投资在迎合渠道上表现出对投资者情绪的"反迎合机制",此外不同特征的公司其投资对投资者情绪的敏感度存在横截面差异。

Residual income model to measure the stock valuation level, based on the company level measure of investor sentiment, the author uses the unbalanced panel data to test investors how emotion through the stock market conduction to the listing corporation, which affects the actual investment behavior. The Empirical study found that investor sentiment mainly through direct channels rather than to cater to the influence of listing corporation investment behavior of indirect financing channels, and the company＇s investment in the catering to show anti cater to the mechanism of investor sentiment. In addition, different characteristics of the investment on investor sentiment have the sensitivity of cross-section differences.