CAJ | 학술논문

文章将投资者与企业管理者的有限理性纳入同一框架，从行为公司财务的视角，提出并证实了投资者情绪影响企业投资行为的“管理者乐观主义的中介效应渠道”。这丰富了投资者情绪影响企业投资行为的作用机理的相关文献，有助于我们从微观企业的视角反思2008年以来的“金融海啸”对实体经济的传导机制。文章将两大主体的有限理性纳入同一框架的分析范式，对拓展与整合行为公司财务理论的研究路径也具有重要的参考价值。
문장장투자자여기업관리자적유한이성납입동일광가，종행위공사재무적시각，제출병증실료투자자정서영향기업투자행위적“관리자악관주의적중개효응거도”。저봉부료투자자정서영향기업투자행위적작용궤리적상관문헌，유조우아문종미관기업적시각반사2008년이래적“금융해소”대실체경제적전도궤제。문장장량대주체적유한이성납입동일광가적분석범식，대탁전여정합행위공사재무이론적연구로경야구유중요적삼고개치。
This paper incorporated limited rational investors and mangers into the same framework, proposed and had proved the ＂intermediate channel of managerial optimism＂ through which investor sentiment affects corporate investment from the perspective of behavioral corporate finance. This enriched literatures on the functioning mechanism of investor sentiment affecting corporate investment, helped us to understand the macro issues how the worldwide ＂Financial Tsunami＂ spread to the real economy from the micro-enterprise perspective, expanded the research paths of theories of behavioral corporate finance.