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从微观层面联通资本市场与货币市场是理论与现实中的热点。本文借助投资者情绪这一崭新视角,探究资本市场中投资者情绪的高涨或低落是否以及如何影响上市公司的微观信贷资源获取。研究发现,投资者情绪与企业信贷资源获取之间呈同向变动,再将企业银行借款指标按期限长短分解之后,发现长期贷款及其变化与投资者情绪较为敏感,而短期贷款及其变化均不显著。无论采用市场层面的整体投资者情绪还是公司层面的个体投资者情绪,该结论均显著成立。
Unicom between the capital market and the money market at the micro level is a hot spot both in theory and in reality. This article uses the new perspective of investor sentiment to explore whether the ups and downs of investor sentiment in the capital market affect and how micro-credit access of listed companies is acquired. The study found that investor sentiment and corporate credit resources changed in the same direction, and then the corporate bank loan index decomposition according to the length of time, found that long-term loans and changes are more sensitive and investor sentiment, and short-term loans and their changes are Not obvious. This conclusion is clearly established whether the overall investor sentiment at the market level or the individual investor sentiment at the firm level is adopted.