经济周期、投资者情绪对企业融资影响分析

The Impact of Economic Circle and Investor Sentiment upon Corporate Financing

本文对不同经济周期阶段以及投资者情绪变化条件下,企业投资支出及融资规模对投资机会以及现金流的敏感性进行了检验。研究发现经济周期波动和投资者情绪变化会对企业融资约束和融资规模产生影响。经济上升期,随着经济增长率和投资者情绪的提升,企业融资约束降低,但是融资难度加大,表现为投资对现金流敏感性的降低和融资规模对现金流敏感性的增加。经济下行期,随着经济增长率和投资者情绪的下降,企业的融资约束增加,但是融资难度下降,表现为投资对现金流敏感性的增加和融资规模对现金流敏感性的下降。

In this paper, the sensitivity of corporate investment and financing scale to the enterprise＇s investment opportunities and cash flows are examined under the conditions of different economic cycle stages and investor sentiment, we find that the enterprise＇s financing constraints and their financing scale could be affected by the fluctuations of business cycle and the investor sentiment. In case of economic acceleration, the increasing economic growth rate and investor sentiment reduce the enterprise＇s financing constraints, but increase the difficulty of their funding access. This article shows that as sensitivity of investment to cash flows becomes weaker, the sensitivity of financing scale to cash flows rise up. In case of economic deperession, the decreasing economic growth rate and the investor sentiment increase the enterprise＇s financing constraints, but decrease the difficulty of enterprise＇s funding access.