投资者异质信念与企业投资效率研究

Research on Investor Heterogeneous Belief and Enterprise Investment Efficiency

在限制卖空的背景下,异质信念一词已被广泛应用,它打破传统金融学理论的一系列基本前提,从一个全新的方面展现出资本市场种种关系。通过延续之前学者的研究成果,从异质信念角度研究企业的投资效率,研究表明:投资者异质信念会造成企业的非效率投资,这是企业管理层迎合投资者的一种方式,其中投资者异质信念既会造成企业的投资过度,同时也会减弱企业的投资不足。

Under the background of restrictions of short selling,heterogeneous belief has been widely applied.It breaks through a series of basic premises of traditional finance theory and reveals a variety of relations in capital market from a totally new aspect.Based on the research results of previous research,the efficiency of investment of enterprises is investigated from the angle of heterogeneous belief.Research result shows that the heterogeneous belief of investors will cause the inefficient investment of enterprises.It is a way of enterprise managers forcatering to the investors.Heterogeneous beliefof investorswill not only cause over investmentof enterprises,but also will weaken the insufficientinvestment of enterprises.