CAJ | 학술논문

文章从过度投资的视角研究了投资者情绪对企业资源配置效率的影响，并进一步考察了何种类型企业的过度投资行为更易受投资者情绪的影响。基于中国沪深两市上市公司1998—2010年的样本数据，文章的实证结果显示，在中国市场上投资者情绪对公司过度投资有显著为正的影响；拥有越多自由现金流量的公司，其过度投资行为受投资者情绪的影响程度越高；而融资约束程度越高的公司，其过度投资行为受投资者情绪的影响程度越低。这一研究发现拓展了对投资者情绪影响公司投资行为经济后果的研究，有助于我们更好地从微观视角理解金融市场的非理性是如何影响企业的资源配置效率，乃至影响到整个实体经济的发展。
문장종과도투자적시각연구료투자자정서대기업자원배치효솔적영향，병진일보고찰료하충류형기업적과도투자행위경역수투자자정서적영향。기우중국호심량시상시공사1998—2010년적양본수거，문장적실증결과현시，재중국시장상투자자정서대공사과도투자유현저위정적영향；옹유월다자유현금류량적공사，기과도투자행위수투자자정서적영향정도월고；이융자약속정도월고적공사，기과도투자행위수투자자정서적영향정도월저。저일연구발현탁전료대투자자정서영향공사투자행위경제후과적연구，유조우아문경호지종미관시각리해금융시장적비이성시여하영향기업적자원배치효솔，내지영향도정개실체경제적발전。
This paper studies the influence of investor sentiment on the efficiency of corporate resource allocation from the perspective o（ overinvestment, and further investigates the types of enterprises whose overinvestment is more inclined to be affected by investor sentiment. Based on the data of Shanghai-listed and Shenzhen-listed companies from 1998 to 2010 in China, this paper reaches the empirical results as follows： firstly, investor sentiment has the significantly positive impact on corporate overinvestment in Chinese securities market; secondly, in companies with more free cash flow, investor sentiment has stronger effects on corporate overinvestment; thirdly, in companies with higher degree of financial constraints, investor sentiment has weaker effects on overinvestment. This paper expands the study about the economic consequences of the effect of investor sentiment on corporate investment, and also helps us to better understand the effect of irrational financial market on the efficiency of corporate resource allocation and even the development of the whole real economy from a micro perspective.