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论文编号：	8442
作者编号：	2120142437
上传时间：	2016/6/12 20:51:01
中文题目：	投资者情绪与非效率投资 ——基于管理者背景特征的调节作用
英文题目：	Investor sentiment and corporate investment inefficiency ——based on the background characteristic of the top manager
指导老师：	刘志远
中文关键字：	投资者情绪；非效率投资；管理者；背景特征
英文关键字：	investor sentiment; investment inefficiency; top manager; background characteristic
中文摘要：	资本投资决策是公司重要的战略决策，投资方向的选择对公司未来的发展至关重要。传统的公司财务理论以“市场有效”和“理性人”的假设为前提。然而，现实的资本市场并不完全有效，行为经济学的不断发展也对传统的假设提出了挑战和质疑。目前国内外的投资者已有大量的研究发现，无论是股票市场的投资者还是企业的管理者，都不是完全理性的。 学者的研究均表明，投资者情绪及管理者的背景特征会对企业投资行为产生重大影响，本文将管理者背景特征、投资者情绪和企业的非效率投资纳入同一研究框架，研究验证管理者的背景特征在投资者情绪与企业非效率投资之间的调节作用。基于管理者异质性的现实，重新考察在投资者情绪与企业非效率投资之间的人为影响因素，从而进一步深入研究投资者情绪引起企业非效率投资的作用机制。 本文选取2010-2014年我国A股上市公司的数据，对管理者背景特征在投资者情绪与企业非效率投资相互作用的中的调节作用进行了实证检验，经验证，本文得出以下结论： 管理者的年龄投资者情绪与非效率投资起调节作用,随着管理者年龄的提高，其对投资者情绪的迎合程度减弱，即管理者的年龄降低了非效率投资对投资者情绪的敏感程度。 管理者的受教育程度在投资者情绪与非效率投资起调节作用，随着管理者年龄的提高，对投资者情绪的迎合程度减弱，管理者的受教育程度降低了过度投资对投资者情绪的敏感程度，但对投资不足没有影响。 管理者任期对投资者情绪与非效率投资起调节作用，长任期组中，投资者情绪与非效率投资不存在显著关系；中任期组中，非效率投资对投资者情绪的敏感程度较弱；短任期组中，非效率投资对投资者情绪的敏感程度最高，此时管理者对投资者情绪的迎合动机最强。
英文摘要：	Capital investment decision is an important strategic decision of the company, how to choose the direction of investment is very important to the future development of the company. In the traditional financial theory, the investment decision is based on the assumption of "market efficiency" and "rational person". However, with the development of behavioral economics, the assumptions have been questioned. The scholars' research shows that the investor sentiment and the background characteristics of managers will have a significant impact on corporate investment behavior. The management of personal characteristics, investor sentiment and corporate inefficient investment is included in the same research framework. This paper selects 2010-2014 China A-share listed companies’ data, to test the role of personal characteristic of the manager’s to play in the trial investor sentiment to the inefficiency, this paper draws the following conclusions: With the improvement of managers' age, for investor sentiment to cater to weakened, that managers of age reduce the sensitivity of the non efficiency investment on investor sentiment. With the increase of the education of the top manager has a negative relation with the sensitivity of over investment on investor sentiment, but we found no relation for under investment. Managerial tenure has no relation with the investment inefficiency, while, we divide the samples into three groups and find that in the longest group, investor sentiment had no relation with investment inefficiency; in the shortest group , the catering of investor sentiment seems to be maximum; but in the middle group, inefficiency has the weakest sensitivity on investor sentiment .
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