CAJ | 학술논문

“资本市场并非有效”，股票市场上投资者情绪对公司的实体投资行为具有重大影响。被监管层寄予厚望的机构投资者从中扮演了什么角色？上述重大影响的助推器抑或制衡器，深层的作用机理又是什么？运用行为公司金融理论，研究发现，公司资本投资决策倾向于遵循机构投资者的“专家意见”，机构投资者是投资者情绪影响公司资本投资的“助推器”，“管理者信心”是上述助推功能得以发挥的重要渠道。上述研究发现有助于从微观企业的视角，有效识别机构投资者在股票市场影响实体经济中的角色，为监管层在“后金融危机时代”制定和执行有关机构投资者的政策提供依据；也有益于公司管理层科学理解机构投资者传递的信息，合理规避决策过程中的“专家陷阱”。
“자본시장병비유효”，고표시장상투자자정서대공사적실체투자행위구유중대영향。피감관층기여후망적궤구투자자종중분연료십요각색？상술중대영향적조추기억혹제형기，심층적작용궤리우시십요？운용행위공사금융이론，연구발현，공사자본투자결책경향우준순궤구투자자적“전가의견”，궤구투자자시투자자정서영향공사자본투자적“조추기”，“관리자신심”시상술조추공능득이발휘적중요거도。상술연구발현유조우종미관기업적시각，유효식별궤구투자자재고표시장영향실체경제중적각색，위감관층재“후금융위궤시대”제정화집행유관궤구투자자적정책제공의거；야유익우공사관리층과학리해궤구투자자전체적신식，합리규피결책과정중적“전가함정”。
Inefficient capital markets affect the corporate physical investment.Which role can institutional investors play?Does it affect the relationships between investor sentiment and corporate investment?From the perspective of behavioral corporate finance,this paper theoretically analyzes and empirically studies the questions.It is found that in the listed compa-nies holding institutional investor,investor sentiment has a significant effect on corporate investment.Institutional investors do play an adjustment role through the intermediate channel of managerial optimism.The results can help to identify the roles of institutional investors in China’s capital market which is important to make policy about institutional investor,and to under-stand the information handed by institutional investor and evade the “expert trap”in the decision-making process.