投资者情绪、预算软约束预期与投资现金流敏感性

Investor Sentiment,Soft Budget Constraint Expectation,and Investment Cash Flow Sensitivity

本文以投资者情绪衡量公司外部股权融资环境的变化,研究不同预算软约束预期下,投资者情绪对公司投资现金流敏感性影响的差异。研究发现,高涨的投资者情绪带来择时发行股票的好时机,总体上缓解了企业面临的融资约束,投资现金流敏感性降低。当按照预算软约束预期对样本进行分组后,投资现金流敏感性降低的程度因组别不同而有所差异。预算软约束预期较弱的组别,最为敏感地捕捉了择时发行股票的好时机,其投资现金流敏感性明显降低。

This paper used the changes of overall market investor sentiment as the changes of equity financing environment,and combined it with the different degree of company＇s financing constraints to investigate the investment-cash flow Sensitivity under dill）rent soft budget constraint expectations. The results showed that high investor sentiment brought a good opportunity to issue shares,eased enterprises＇ financing constraints in general. By dividing the soft budget constraint expectation groups,we found that the reduction of investment-cash flow Sensitivity was different with the different groups. Enterprises with little soft budget constraint expectation were most sensitive to capture the high investor sentiment to issue new shares,eased their own financing constraints powerfully.