经济与管理研究2019，Vol.40Issue(2)：135-144,10.DOI:10.13502/j.cnki.issn1000-7636.2019.02.010
产权异质性、投资者情绪与管理者投资行为
Relationship Between Ownership, Investor Sentiment and Managerial Investment Behavior
摘要
Abstract
The traditional finance is based on the hypothesis of "rational economic man", assuming that the stock price is an accurate reflection of the intrinsic value of the enterprise.However, in the social environment, as the natural person is bound to have values and emotions, their investment decisions will not be completely rational.This paper considers the institutional environment of China and the different nature of the ownership of Chinese listed companies to research the relationship of investor sentiment and managerial investment behavior. Then, it takes the irrational investors and irrational managers into the consideration, and analyses 1272 listed companies from 2011 to2018 by using the fixed effect estimation of panel data.It also discusses whether investor sentiment has the ability to shape managerial over-optimism which is set as a mediator to investigate how investor sentiment influence the investment decision-making.关键词
投资者情绪/管理者过度乐观/投资行为/产权性质/面板固定效应估计Key words
investor sentiment/managerial over-optimism/investment behavior/nature of ownership/fixed effect estimation of panel data分类
管理科学引用本文复制引用
尚煜..产权异质性、投资者情绪与管理者投资行为[J].经济与管理研究,2019,40(2):135-144,10.基金项目
国家自然科学基金青年科学基金项目"基于微观执业环境视角的客户重要性与审计质量关系研究"(2013101030047) （2013101030047）
北京市青年英才计划项目"我国新能源产业金融支持研究"(YETP0940) （YETP0940）
