Research on the Enterprise Investment Behavior and Economic Consequence Considering Investor Sentiment
Based on behavioral finance theory, data of the SME board of nonfinancial 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 Ushaped relationship. In addition, listed companys annual Tobin’s Q Ratio regression residuals are used to measure the stock mispricing. From the perspective of nonequilibrium price to define and measure investor sentiment, further test the abovementioned conclusions and obtain similar results.
behavioralfinance investorsentiment investment behavior growth
SHI Jinyan LI Yan LI Yanxi
School of Economics Dalian University of Technology Dalian, China School of EconomicsDalian University of TechnologyDalian, China
国际会议
广州
英文
1-4
2011-05-13（万方平台首次上网日期，不代表论文的发表时间）