投资者关注与过度投资及权益资本成本的中介效应

Investor Attention,Over Investment and the Mediating Effect of Equity Capital Cost

本文从过度投资的视角分析投资者关注对企业资源配置效率的影响,并结合行为金融学的价格压力假说考察股权融资能力是否属于影响的渠道。研究发现:投资者关注与过度投资呈现正相关关系,其中权益资本成本是投资者关注对过度投资影响的中介变量;随着投资者关注程度的提高,管理层为了迎合投资者的需求,提高了投资水平,恶化了过度投资。在这个过程中,投资者关注有助于降低权益资本成本,进而向上市公司管理层传递了融资能力变化的信息,降低了潜在的股权融资约束,引起投资水平的提高,并导致投资效率的降低。

This paper analyzes the influence of investor attention on the efficiency of enterprise resource allocation from the perspective of over investment, and examines whether the equity financing capacity belongs to the influence channel based on the price pressure hypothesis of behavioral finance. Research finds that： investor attention is positively related to the over investment, and equity capital cost is moderating variable of the influence of investor attention on over investment; with the increasing of the degree of investor attention, the manager of the listed companies raise the degree of investment in order to eater investor, thus resulting in the higher degree of over investment. During the process, investor attention helps to reduce equity capital cost, and then transfers financing capability change information to the management of listed companies, reducing the potential equity financing constraints, raising the level of investment, and leading to lower investment efficiency.