CAJ | 학술논문

本文首先基于资金管理理论分析了上市公司证券投资量的影响因素，继而区分了过度证券投资与非过度证券投资，最后从公司治理与投资者情绪的角度探究了我国上市公司过度证券投资的成因。论文以新会计准则实施后，2007年至2010年的非金融类A股上市公司为样本，对我国上市公司过度证券投资量的影响因素进行了实证检验。发现我国上市公司普遍参与证券投资，且存在一定程度的过度证券投资，其成因并非由于公司治理结构不完善，而是由于投资者情绪的高涨。因此仅通过公司治理机制并不能有效遏制上市公司的过度证券投资。
본문수선기우자금관리이론분석료상시공사증권투자량적영향인소，계이구분료과도증권투자여비과도증권투자，최후종공사치리여투자자정서적각도탐구료아국상시공사과도증권투자적성인。논문이신회계준칙실시후，2007년지2010년적비금융류A고상시공사위양본，대아국상시공사과도증권투자량적영향인소진행료실증검험。발현아국상시공사보편삼여증권투자，차존재일정정도적과도증권투자，기성인병비유우공사치리결구불완선，이시유우투자자정서적고창。인차부통과공사치리궤제병불능유효알제상시공사적과도증권투자。
According to the data of listed firms from 2007 - 2010 in Chinese capital market after the implementation of new accounting standards, this paper empirically analyzes the deep- seated motivations of Chinese listed companies securities investment. The results show that Chinese listed companies generally invest in securities, and there is a certain degree of over- investment in securities. Single corporate governance measures are not effective; investor sentiment has a significant impact on securities investment of listed companies. The results also suggest that corporate governance should consider investor sentiment.