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首页> 外文会议>2011 International Conference on Business Management and Electronic Information >Research on the enterprise investment behavior and economic consequence considering investor sentiment
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Research on the enterprise investment behavior and economic consequence considering investor sentiment

机译：考虑投资者情绪的企业投资行为与经济后果研究

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摘要

Based on behavioral finance theory, data of the SME board of non-financial listed companies in Shenzhen Stock Exchange from 2006 to 2009 is selected. This paper empirically analyzes the influences of investor sentiment on enterprise investment behavior and economic consequence conclusion is different from the existing literature: the relationship between investor sentiment and the enterprise investment behavior is negative when proxy for investor sentiment; the relationship between investor sentiment and the enterprise growth, one of the economic consequence, is U-shaped relationship. In addition, listed company's annual Tobin's Q Ratio regression residuals are used to measure the stock mis-pricing. From the perspective of non-equilibrium price to define and measure investor sentiment, further test the above-mentioned conclusions and obtain similar results.
机译：基于行为金融理论，选取了深圳证券交易所非金融上市公司中小企业板2006年至2009年的数据。本文通过实证分析了投资者情绪对企业投资行为的影响，其经济后果的结论与现有文献不同：代理投资者情绪时，投资者情绪与企业投资行为的关系为负。投资者情绪与企业成长之间的关系（经济后果之一）是U型关系。此外，上市公司的年度Tobin Q比率回归残差用于衡量股票的错误定价。从非均衡价格的角度来定义和衡量投资者的情绪，进一步检验上述结论并获得相似的结果。

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