产权异质性、投资者情绪与管理者投资行为

Relationship Between Ownership,Investor Sentiment and Managerial Investment Behavior

传统投资行为研究是以"理性经济人"假说为前提的,但是在市场环境下,自然人拥有不同的价值观和情感,因而投资决策过程存在诸多不完全理性。本文考虑了中国制度环境,将投资者非理性与企业管理者的非理性纳入同一研究架构,并引入产权因素,采用面板固定效应估计法对2011—2018年1 272家上市公司进行实证研究,讨论投资者情绪是否有塑造管理者乐观的能力,并以管理者过度乐观为中介变量探讨投资者情绪如何影响企业的投资决策行为。

The traditional finance is based on the hypothesis of“rational economic man”,assuming that the stock price is an accurate reflection of the intrinsic value of the enterprise.However,in the social environment,as the natural person is bound to have values and emotions,their investment decisions will not be completely rational.This paper considers the institutional environment of China and the different nature of the ownership of Chinese listed companies to research the relationship of investor sentiment and managerial investment behavior.Then,it takes the irrational investors and irrational managers into the consideration,and analyses 1272 listed companies from 2011 to 2018 by using the fixed effect estimation of panel data.It also discusses whether investor sentiment has the ability to shape managerial over-optimism which is set as a mediator to investigate how investor sentiment influence the investment decision-making.