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投资者情绪通过股价变动的传导途径可能对企业投资决策行为产生影响。本文通过主成分分析法构建了度量投资者情绪的综合指标,随后运用面板模型实证分析了投资者情绪对上市公司投资行为的影响。结果发现,投资者情绪对我国上市公司的投资行为具有正向效应,且对不同特征企业的投资行为影响不同。现金持有量越多的公司,其投资行为更容易受到投资者情绪的影响,但资产负债率的高低对投资者情绪—企业投资行为之间的敏感性未有显著影响。
The transmission of investor sentiment through price movements may have an impact on corporate investment decision-making. This paper constructs a composite index to measure investor’s sentiment through principal component analysis, and then uses the panel model to analyze the influence of investor sentiment on the investment behavior of listed companies. The results show that investor sentiment has a positive effect on the investment behavior of listed companies in China, and has different impact on the investment behavior of different characteristic enterprises. Companies with more cash holdings are more likely to be affected by investor sentiment, but the debt-to-asset ratio has no significant effect on the investor sentiment-sensitivity between firms’ investment behavior.