文献类型：期刊文献

中文题名：投资者情绪、现金持有与上市公司投资

英文题名：Investor Sentiment, Cash Holding and Listed Company Investment

作者：许骞[1];花贵如[2]

机构：[1]中国农业大学经济管理学院;[2]华东理工大学商学院

年份：2015

卷号：13

期号：2

起止页码：229

中文期刊名：中国会计评论

外文期刊名：China Accounting Review

收录：CSSCI:【CSSCI_C2014_2016】；

基金：国家自然科学基金面上项目“制度环境、投资者情绪与企业投资行为”(项目批准号:71072099)的资助

语种：中文

中文关键词：投资者情绪;现金持有;公司投资

外文关键词：Investor Sentiment, Cash Holding, Company Investment

摘要：已有研究发现，投资者情绪会对企业的投资水平及资源配置效率产生重要影响，但是市场环境对公司行为的影响会因个体特质的差异而明显不同。本文将公司资源中流动性最强的现金持有与外部市场的投资者情绪共同纳入分析框架，发现高现金持有的企业在投资者情绪高涨时会进行更多的投资，而低现金持有的企业在投资者情绪低落时更少进行投资。进一步分析对资源配置效率的影响，发现投资者情绪对非效率投资的“恶化效应”和“缓解效应”也会受到现金持有水平的影响。高现金持有会加剧投资者情绪高涨时的过度投资，但会缓解投资者情绪低落时的投资不足问题；低现金持有会恶化投资者情绪低落时的投资不足状况，但会缓解投资者情绪高涨时的过度投资问题。
It had been found that investor sentiment can bring significant influence to company investment and resource allocation efficiency. However, the market influence to in dividual company would be different because of the firm-specific characteristics. This research incorporates the condition of cash holding which is the most liquid of assets together with the outside market sentiment into the analysis framework, finding that high cash holding would make the company invest more when investor sentiment is high and low cash holding would bring more investment decrease when facing low investor sentiment. Focusing on the resource allocation efficiency, it is believed that the deteriorating effect and correcting effect of investor sentiment to inefficient investment would all be influenced by company cash holding. High cash holding exacerbates the problem of overinvestment ir~ high sentiment period but releases the underinvestment during low sentiment period. By the same token, low cash holding exac erbates the underinvestment in low sentiment time but releases the overinvestment during high sentiment period.