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基于残差模型,本文研究了投资者情绪和管理者过度自信对于我国A股上市公司投资异化行为的影响。通过实证检验的方法,检验了2009-2012年,市场参与者的这二种非理性行为并没有造成上市公司的投资异化的假设。金融危机之后公司投资决策趋于谨慎,管理者过度自信无法发挥其中介效应,投资者情绪发挥作用的融资渠道和迎合渠道失效,使得市场表现出宏观理性特征,其微观主体也较少受到市场参与者非理性行为的影响。
Based on the residual model, this paper studies the influence of investor sentiment and overconfidence of managers on the alienation of investment in A-share listed companies in China. Through the empirical test method, it is tested that from 2009 to 2012, the two kinds of irrational behavior of market participants did not cause the assumption of alienation of investment by listed companies. After the financial crisis, the company’s investment decision-making tends to be cautious. Managers overconfidence can not play their intermediary effect and investors’ emotions play a role in financing channels and cater to the failure of channels, making the market show macroscopically rational features with less micro-market subject to market participation The impact of irrational behavior.