文档介绍：投资者情绪与企业投资行为研究——基于封闭式基金折价
河北大学硕士学位论文投资者情绪与企业投资行为研究——基于封闭式基金折价姓名:尚聪颖申请学位级别:硕士专业:会计学指导教师:贾国军2011-06
摘要摘要在标准金融学的研究框架下,假定人是理性的,所以市场是有效的,标准金融学没能给出任何投资者情绪对于企业投资行为以及证券市场的影响,企业投资行为都是在理性人的假设下进行研究讨论的,这就出现很多市场异象。随着行为金融学的出现和发展,人们发现投资者情绪的存在,这会影响到企业投资行为和证券市场。开展投资者情绪的研究,有助于理解金融市场中的投资者行为,有助于理解证券市场的发展态势。本文尝试从投资者情绪研究出发,进一步探讨投资者情绪与企业投资行为之间的关系。文章先进行了投资者情绪的理论分析,分析了投资者情绪的产生原因以及投资者情绪怎样表现出来,最主要的是分析了如何度量投资者情绪,以便在后面的研究中有效地表示投资者情绪的变化,这些分析将有助于对两者关系的研究。之后文章探讨了投资者情绪对企业投资行为的作用机理,也就是说投资者情绪是怎样作用于企业投资行为。为了使论文的论证更加有说服力,本文采用了较新的封闭式基金数据来计算封闭式基金折价,从而代表了投资者情绪的变化,并选取制造业上市公司的资产负债表数据研究企业投资行为的变化。通过统计分析,得出以下结果:当封闭式基金折价变大的时候,投资者情绪低落,企业投资就会趋于减少;当封闭式基金折价缩小的时候,投资者情绪高涨, 企业投资就会趋于增加。投资者情绪与企业投资行为呈现正向相关关系。虽然本文在行为金融学的框架下,从投资者情绪的角度研究了投资者情绪与企业投资行为的关系,但是在研究中还是发现很多再值得深入探讨的问题,这将是今后研究努力的方向。关键词投资者情绪企业投资行为封闭式基金折价 I
Abstract Abstract Under the framework of the research of the standard finance, it is assumed that the person is rational and the market is effective. The standard finance can not show any influence of the investor sentiment to the business investment behavior and the securities market, under the hypothesis of the rational person, people discuss and study the business investment behavior, so it appears many market vision. With the appearance and the development of the behavioral finance, people find that the existence of the investor sentiment; the investor sentiment will affect the business investment behavior and the securities market. Developing the research of the investor sentiment is helpful to understanding the investment behavior in the finance market and the development situation of the securities market. The article tries to study the investor sentiment firstly, and then discuss the relationship between the investor sentiment and the business investment behavior further. At the first, it analyze the investor sentiment theory, it include that the analysis of the causes of the investor sentiment and how the investor sentiment showing, it mainly discuses that how to measure the investor sentiment and how to