摘要
基于我国沪深两市A股上市公司2004-2014年度的数据,研究企业层面的投资者情绪对企业融资约束的影响。研究结果表明:企业投资与投资者情绪显著正相关;企业投资与现金流高度敏感,我国A股上市公司存在显著的融资约束现象。进一步研究发现:(1)高涨的投资者情绪刺激了企业的投资需求,加剧了企业的融资约束;(2)高涨的投资者情绪对民营企业融资约束的加剧效应显著强于国有企业。
Based on the data of China＇s listed companies which issued A shares in Shanghai and Shenzhen stock markets from 2004 to 2014, the influence of investor sentiment of enterprise level on corporate financing constraints is researched. The empirical results show that： enterprise investment and investor sentiment are significantly positive correlation; enterprise investment is highly sensitive to cash flow, A shares listed companies in China have the phenomenon of significant financing constraints. Further study findings that： （ 1 ） rising investor sentiment could stimulate the investment demand of the enterprise and increase the enterprise＇s financing constraints; （ 2 ） the intensified effect of rising investor sentiment on the private enterprise financing constraints is significantly stronger than the state-owned enterprises.
出处
《科学决策》
CSSCI
2016年第3期56-68,共13页
Scientific Decision Making
基金
国家自然科学基金"制度距离
组织学习与跨国经营绩效:基于合法性视角的考察"(71172041)
关键词
投资者情绪
融资约束
企业投资
investor sentiment
financing constraints
enterprise investment
