投资者情绪与企业投资行为研究述评及展望
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外国经济与管理 2009 年 第 31 卷第 06 期, 页码：45 - 51
摘要
参考文献
摘要
随着行为公司财务学研究的兴起,基于投资者情绪视角的企业投资行为研究逐渐成为现代企业投资理论研究的一个新的发展方向。本文系统回顾了投资者情绪与企业投资行为的研究现状与发展动态,特别对投资者情绪操控性计量、影响企业投资行为的作用机理及其经济后果进行了系统梳理和述评。然后基于我国资本市场的特殊制度背景,逐步拓宽现有基本假设,对投资者情绪影响企业投资行为问题的未来研究进行了展望。
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[2]Shefrin,Hersh.资产定价的行为方法[M].(王闻译).北京:中国人民大学出版社,2007.
[3]Baker,Malcol m,and Wurgler,Jeffrey.Investor senti ment in the stock market[J].Journal of Economic Perspectives,2007,21(2):129-151.
[4]Keynes,J M.The general theory of employment,interest and money[M].London:Macmillan Cambridge University Press,1936.
[5]Baker,M,Stein,J C,and Wurgler,J.When does the market matter?Stock prices andtheinvest ment of equity-dependent firms[J].Quarterly Journal of Economics,2003,118(3):969-1 006.
[6]Chang,Xin,Tam,Lewis,Tan,Tek Jun,and Wong,George.The real i mpact of stock market mispricing-Evidence from Australia[R].Working Paper,University of Melbourne,2006.
[7]Li,Zhikun.Liquidity,financial market senti ment and corporateinvest ment[R].Working Paper,2003 FMA Annual Meeting DoctoralStudent Consortium,2003.
[8]Stein,Jeremy C.Rational capital budgetingin anirrational world[J].Journal of Business,1996,69(4):429-455.
[9]Polk,Christopher,and Sapienza,Paola.The stock market and corporate invest ment:Atest of catering theory[J].Reviewof Finan-cial Studies,2009,22(1):187-217.
[10]Panageas,S.The neoclassical theory of invest ment in speculative markets[R].Working Paper,Wharton School of University ofPennsylvania,2005.
[11]Dong,Ming,Hirshleifer,David,and Tech,Siew Hong.Stock market misvaluation and corporate invest ment[R].MPRA Paper,University Library of Munich,2007.
[12]Firth,M,Fung,Peter M Y,and Rui,Oliver M.Corporate performance and CEOcompensationin China[J].Journal of CorporateFinance,2006,12(4):693-714.
引用本文
刘志远, 花贵如. 投资者情绪与企业投资行为研究述评及展望[J]. 外国经济与管理, 2009, 31(6): 45–51.
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