投资者情绪与上市公司投资行为研究
|
摘要
公司金融理论中投融资决策是一个很重要的分支,其中投资决策作为企业最核心的财务决策之一,是未来现金流增长和决定企业未来成长性的主要动因,直接决定了公司面临的经营风险和未来的盈利能力,同时还客观的影响资本市场对于公司价值的评估和证券价格的有效性,因此投资决策可以称为公司财务决策的起点。
传统的投融资理论是以有效市场的假设条件为基础的,市场参与者理性与市场价格信息的有效是公司投资决策的前提,但在现实市场中无论是经济运行状况还是证券市场的波动都证明市场价格常常偏离公司的基本价值。为此,Shleifer(2003)、Baker et al.(2004)、Polk and Sapienza(2009)等学者对在市场非理性状态下的公司投资决策行为做了大量的研究,以理性人假设为出发点,从投资者非理性和企业决策者非理性的角度,提出了如市场迎合机制和市场时机选择机制等理论。此外,价格信号作为市场信息传递的重要手段,公司决策者在信息不完全的条件下有向市场学习的动力,价格信号的扭曲也在很大程度上影响到公司的投资决策的制定者,如果决策者达不到理性人的要求,或者无法过滤市场中的非有效信息,那么在制定决策的过程中必然会受到市场中非理性因素的影响MSV(1990)。
以行为金融视角研究公司投资决策的文献多是从以上两个层面分别出发单独研究的,虽然该领域的研究才刚刚起步,已经有越来越多的学者已经将目光投向这个领域,也得到了许多有价值的研究成果,‘但笔者认为市场参与者的非理性行为与市场信息的有效程度二者是互为因果的统一整体,无法分离,因此如何将两个研究方向结合起来讨论市场信息效率、投资者情绪与上市公司投资行为之间关系引起了笔者的兴趣。一方面投资者情绪使得股价偏离了自身价值,价格信号失真,企业管理者在不准确的价格信号引导下或是处于自身有限理性的原因进行投资决策,造成投资的非效率。另一方面,随着我国资本市场的不断发展完善,越来越多的文献证明我国的市场效率在不断的提高,尤其在进行了股权分置改革之后,股价信息含量有了明显的提升,股价信号中公司私有信息成分越高,理论上公司管理者接受到的信息噪声越小,高效率的价格信号应当有助于引导企业将资金投入到更符合长期公司价值最大化的项目中去。同时,随着市场效率的不断提高和股价信息含量的逐步丰富,股票价格中含有的市场信息和行业信息比例应当越来越小,公司特质化信息越来越多,即股票的非同步性越来越强,由投资者非理性引起的市场情绪化波动应当也能够得到一定程度的缓解,这从另一方面又反作用于市场,提高了市场价格信号的准确程度,有助于企业投资效率的提升。鉴于以上的理论基础,本文试图利用我国上市公司的财务数据,选取合理的投资者情绪和股价信息含量的代理指标构建模型,将企业投资行为研究中理性人角度与信息机制角度结合起来,讨论三者之间的关系和相互影响,希望能够从一个较为完整的体系中提供一个企业投资行为研究领域的新视角。
本文通过实证研究主要得出了一下结论：
1、我国上市公司的投资行为与投资者情绪显著正相关,说明企业管理层在投资决策过程中受到了投资者情绪的正向影响。由于我国特殊的市场环境和经济体制,上市公司投资行为对于市场情绪的反映存在明显的时滞。在股价信息含量对于上市公司投资行为的市场情绪迎合倾向的作用时发现,上市公司投资行为与市场情绪显著正相关,但与市场情绪与股价信息含量的交乘项显著负相关,说明就总体投资水平而言,股价信息含量的提高有助于公司特质化信息的表达,信息效率的提高让公司管理层能够更加清楚的认识到公司的价值,分离股价信号中的理性成分和非理性成分,抑制由于信息不完全而导致的上市公司投资决策受到投资者情绪影响的问题。
2、与传统公司投资研究的结论类似,无论从公司的股权结构、资产特点还是公司治理结构来看,不同公司特征面对情绪投资问题时也会表现出一定的差异性。具体地,从股权结构角度分析,上市公司中国有股比例的高低并不是决定其投资水平的关键性因素,同时上市公司的国有化程度也不是引起企业情绪投资问题的主要因素,上市公司投资的非效率问题是通过其他渠道导致的,因此信息效率的提高并不能从改变投资者情绪的渠道改善企业投资效率。股权集中度是影响上市公司情绪投资的重要因素,随着第一大股东持股比例的提高,上市公司管理者迎合投资者情绪投资的倾向性也随之增强,信息效率不高是引起这一现象的原因,随着股价信息含量的提升,信息机制作用效果的增强更够抑制市场非理性因素对于上市公司投资行为的影响。
公司资产特点中公司资产规模大小和负债率的高低都是影响上市公司投资水平的显性因素,但影响的方式不同。在企业情绪投资问题上,资产规模因子对于投资者情绪的变化并不敏感,而资产负债率则显著为负,说明如果上市公司的负债比率过高,债权人的资产替代行为能够弱化上市公司的情绪投资问题。而在加入了股价信息含量变量后,发现信息机制在不同程度上影响了公司的情绪投资倾向。资产规模大的公司,信息效率机制起到的作用是抑制性的而对于负债比例高的公司,信息效率机制起到是一种正向的作用,但是这种作用并不明显。
公司治理同样是影响公司情绪化投资问题的主因之一,具体来说,董事长与CEO二职合一的公司容易选择迎合市场的非理性情绪,且这种迎合行为是出于自身目的有意为之的,因此信息效率的提高不能够改变这种迎合倾向。同时随着独立董事比例的提高,公司治理机制的增强有助于抑制上市公司的情绪投资问题,信息效率的提高是帮助上市公司提高投资效率的有效途径之一。
3、在对上市公司投资效率的考察中,发现无论是投资过度还是投资不足的情形下,如果投资者情绪(过度乐观或者过度悲观)与投资非效率的方向(投资过度或者投资不足)相同,则会使企业投资更加偏离其合理化水平,表现出“恶化效应”,如果与非效率方向相反,则此时投资者情绪能够在一定程度上使企业投资效率得到修正,即“矫正效应”。此无论在投资过度还是投资不足时期,股价信息含量的提高能够抑制投资过度同时也能够缓解投资不足,说明市场信息效率的提高有助于企业决策者接受股价中表示公司特质的私有化信息,分离股价信号中的理性因素与非理性因素,明确对未来的预期,改善上市公司的投资效率。
4、在股价信息含量提高改善公司投资效率的研究中发现,信息效率作用于上市公司投资决策行为是通过两种不同机制,即直接作用机制和间接作用机制。同时还强调以股价信息含量为代理变量的信息效率并不是越高越好,股价信息含量的测量计算方式决定了其存在一定的缺陷：股价信息含量对于投资决策的作用不能够准确的区分上市公司情绪投资的两种效应,即“矫正效应”和“恶化效应”。在能够有效加强投资者情绪对非效率投资“纠正作用”的同时,也会使投资者情绪对于企业非效率投资的“恶化作用”被放大。
The investment and financing decisions is a very important branch of corporate finance. As the core of one of the financial decisions, investment decision is the driving force of cash flow and corporate growth in the future, directly determines the operational risks faced by the company and the future profitability of the capital market for the company. It also objectively effect validity of the assessment of the value of the company and the prices of the securities.So investment decisions can be called the beginning of the corporate financial decisions.
Traditional investment and financing theory is based on the assumptions of the efficient market, rational market participants and the effectiveness of market price is the premise of the company's investment decisions, but in fact,the economic situation and the stock market fluctuations have proved market prices often deviate from the real value of the company. Shleifer (2003)、Baker et al (2004)、Polk and Sapienza (2009) and other scholars have done a lot of research on investment decision of companies in the irrational market, using rational man as a starting point, from the viewpoint of irrational man and irrational decision-makers of company, put forward theory of market caters mechanism and market timing mechanism.
In addition, price signals is an important means of transmission of market information, in conditions of incomplete information, decision-makers have the motivation to learn from the market. To a large extent, distortions in market prices affect the company's investment decision-makers. If the decision maker is irrational, or non-valid information can not be filtered in the market, then the decision-making process will be inevitably effected by the irrational factors in the market MS V (1990).
From Behavioral finance point of view, the vast majority of researches on corporate investment decision start from the two aspects above, although research in this field has just started, there have been more and more scholars have set their sights on the field, also obtained many valuable research results, but the author believes that irrational behavior of market participants and the effective degree of market information are in a mutual cause-effect relation, which evokes my great interest.
On one hand, investor sentiment causes the stock price deviates from its value, under the guidance of the wrong price, managers of the company make investment decisions and causing inefficiency investments On the other hand, with the continuous development of China's capital market, more and more literatures have proved that China's market efficiency is increasing, especially after non-tradable shares reform, the stock price informativeness has been significantly improved. Higher the stock price informativeness, smaller the noise the manager accepts from the price signals, higher efficient of price information help managers to fund more in line with the maximum value of the company's long-term project.
At the same time, with the increase of market efficiency and the information content of stock price, market information and industry information contained in stock prices should be more and more small, the company private information should more and more, so the stock price non-synchronicity grows. Market emotional fluctuations caused by the irrational can be alleviated, which makes further efforts to improve the accuracy of market price signals, help enterprises to promote investment efficiency.
In view of the above theory, this paper tries to use the financial data of China's listing Corporation, building model of proxy index to select reasonable investor sentiment and the information content of stock price, discuss the relationship between factors, hoping to offer a new perspective the enterprise investment behavior research from a relatively complete system.
传统的投融资理论是以有效市场的假设条件为基础的,市场参与者理性与市场价格信息的有效是公司投资决策的前提,但在现实市场中无论是经济运行状况还是证券市场的波动都证明市场价格常常偏离公司的基本价值。为此,Shleifer(2003)、Baker et al.(2004)、Polk and Sapienza(2009)等学者对在市场非理性状态下的公司投资决策行为做了大量的研究,以理性人假设为出发点,从投资者非理性和企业决策者非理性的角度,提出了如市场迎合机制和市场时机选择机制等理论。此外,价格信号作为市场信息传递的重要手段,公司决策者在信息不完全的条件下有向市场学习的动力,价格信号的扭曲也在很大程度上影响到公司的投资决策的制定者,如果决策者达不到理性人的要求,或者无法过滤市场中的非有效信息,那么在制定决策的过程中必然会受到市场中非理性因素的影响MSV(1990)。
以行为金融视角研究公司投资决策的文献多是从以上两个层面分别出发单独研究的,虽然该领域的研究才刚刚起步,已经有越来越多的学者已经将目光投向这个领域,也得到了许多有价值的研究成果,‘但笔者认为市场参与者的非理性行为与市场信息的有效程度二者是互为因果的统一整体,无法分离,因此如何将两个研究方向结合起来讨论市场信息效率、投资者情绪与上市公司投资行为之间关系引起了笔者的兴趣。一方面投资者情绪使得股价偏离了自身价值,价格信号失真,企业管理者在不准确的价格信号引导下或是处于自身有限理性的原因进行投资决策,造成投资的非效率。另一方面,随着我国资本市场的不断发展完善,越来越多的文献证明我国的市场效率在不断的提高,尤其在进行了股权分置改革之后,股价信息含量有了明显的提升,股价信号中公司私有信息成分越高,理论上公司管理者接受到的信息噪声越小,高效率的价格信号应当有助于引导企业将资金投入到更符合长期公司价值最大化的项目中去。同时,随着市场效率的不断提高和股价信息含量的逐步丰富,股票价格中含有的市场信息和行业信息比例应当越来越小,公司特质化信息越来越多,即股票的非同步性越来越强,由投资者非理性引起的市场情绪化波动应当也能够得到一定程度的缓解,这从另一方面又反作用于市场,提高了市场价格信号的准确程度,有助于企业投资效率的提升。鉴于以上的理论基础,本文试图利用我国上市公司的财务数据,选取合理的投资者情绪和股价信息含量的代理指标构建模型,将企业投资行为研究中理性人角度与信息机制角度结合起来,讨论三者之间的关系和相互影响,希望能够从一个较为完整的体系中提供一个企业投资行为研究领域的新视角。
本文通过实证研究主要得出了一下结论：
1、我国上市公司的投资行为与投资者情绪显著正相关,说明企业管理层在投资决策过程中受到了投资者情绪的正向影响。由于我国特殊的市场环境和经济体制,上市公司投资行为对于市场情绪的反映存在明显的时滞。在股价信息含量对于上市公司投资行为的市场情绪迎合倾向的作用时发现,上市公司投资行为与市场情绪显著正相关,但与市场情绪与股价信息含量的交乘项显著负相关,说明就总体投资水平而言,股价信息含量的提高有助于公司特质化信息的表达,信息效率的提高让公司管理层能够更加清楚的认识到公司的价值,分离股价信号中的理性成分和非理性成分,抑制由于信息不完全而导致的上市公司投资决策受到投资者情绪影响的问题。
2、与传统公司投资研究的结论类似,无论从公司的股权结构、资产特点还是公司治理结构来看,不同公司特征面对情绪投资问题时也会表现出一定的差异性。具体地,从股权结构角度分析,上市公司中国有股比例的高低并不是决定其投资水平的关键性因素,同时上市公司的国有化程度也不是引起企业情绪投资问题的主要因素,上市公司投资的非效率问题是通过其他渠道导致的,因此信息效率的提高并不能从改变投资者情绪的渠道改善企业投资效率。股权集中度是影响上市公司情绪投资的重要因素,随着第一大股东持股比例的提高,上市公司管理者迎合投资者情绪投资的倾向性也随之增强,信息效率不高是引起这一现象的原因,随着股价信息含量的提升,信息机制作用效果的增强更够抑制市场非理性因素对于上市公司投资行为的影响。
公司资产特点中公司资产规模大小和负债率的高低都是影响上市公司投资水平的显性因素,但影响的方式不同。在企业情绪投资问题上,资产规模因子对于投资者情绪的变化并不敏感,而资产负债率则显著为负,说明如果上市公司的负债比率过高,债权人的资产替代行为能够弱化上市公司的情绪投资问题。而在加入了股价信息含量变量后,发现信息机制在不同程度上影响了公司的情绪投资倾向。资产规模大的公司,信息效率机制起到的作用是抑制性的而对于负债比例高的公司,信息效率机制起到是一种正向的作用,但是这种作用并不明显。
公司治理同样是影响公司情绪化投资问题的主因之一,具体来说,董事长与CEO二职合一的公司容易选择迎合市场的非理性情绪,且这种迎合行为是出于自身目的有意为之的,因此信息效率的提高不能够改变这种迎合倾向。同时随着独立董事比例的提高,公司治理机制的增强有助于抑制上市公司的情绪投资问题,信息效率的提高是帮助上市公司提高投资效率的有效途径之一。
3、在对上市公司投资效率的考察中,发现无论是投资过度还是投资不足的情形下,如果投资者情绪(过度乐观或者过度悲观)与投资非效率的方向(投资过度或者投资不足)相同,则会使企业投资更加偏离其合理化水平,表现出“恶化效应”,如果与非效率方向相反,则此时投资者情绪能够在一定程度上使企业投资效率得到修正,即“矫正效应”。此无论在投资过度还是投资不足时期,股价信息含量的提高能够抑制投资过度同时也能够缓解投资不足,说明市场信息效率的提高有助于企业决策者接受股价中表示公司特质的私有化信息,分离股价信号中的理性因素与非理性因素,明确对未来的预期,改善上市公司的投资效率。
4、在股价信息含量提高改善公司投资效率的研究中发现,信息效率作用于上市公司投资决策行为是通过两种不同机制,即直接作用机制和间接作用机制。同时还强调以股价信息含量为代理变量的信息效率并不是越高越好,股价信息含量的测量计算方式决定了其存在一定的缺陷：股价信息含量对于投资决策的作用不能够准确的区分上市公司情绪投资的两种效应,即“矫正效应”和“恶化效应”。在能够有效加强投资者情绪对非效率投资“纠正作用”的同时,也会使投资者情绪对于企业非效率投资的“恶化作用”被放大。
The investment and financing decisions is a very important branch of corporate finance. As the core of one of the financial decisions, investment decision is the driving force of cash flow and corporate growth in the future, directly determines the operational risks faced by the company and the future profitability of the capital market for the company. It also objectively effect validity of the assessment of the value of the company and the prices of the securities.So investment decisions can be called the beginning of the corporate financial decisions.
Traditional investment and financing theory is based on the assumptions of the efficient market, rational market participants and the effectiveness of market price is the premise of the company's investment decisions, but in fact,the economic situation and the stock market fluctuations have proved market prices often deviate from the real value of the company. Shleifer (2003)、Baker et al (2004)、Polk and Sapienza (2009) and other scholars have done a lot of research on investment decision of companies in the irrational market, using rational man as a starting point, from the viewpoint of irrational man and irrational decision-makers of company, put forward theory of market caters mechanism and market timing mechanism.
In addition, price signals is an important means of transmission of market information, in conditions of incomplete information, decision-makers have the motivation to learn from the market. To a large extent, distortions in market prices affect the company's investment decision-makers. If the decision maker is irrational, or non-valid information can not be filtered in the market, then the decision-making process will be inevitably effected by the irrational factors in the market MS V (1990).
From Behavioral finance point of view, the vast majority of researches on corporate investment decision start from the two aspects above, although research in this field has just started, there have been more and more scholars have set their sights on the field, also obtained many valuable research results, but the author believes that irrational behavior of market participants and the effective degree of market information are in a mutual cause-effect relation, which evokes my great interest.
On one hand, investor sentiment causes the stock price deviates from its value, under the guidance of the wrong price, managers of the company make investment decisions and causing inefficiency investments On the other hand, with the continuous development of China's capital market, more and more literatures have proved that China's market efficiency is increasing, especially after non-tradable shares reform, the stock price informativeness has been significantly improved. Higher the stock price informativeness, smaller the noise the manager accepts from the price signals, higher efficient of price information help managers to fund more in line with the maximum value of the company's long-term project.
At the same time, with the increase of market efficiency and the information content of stock price, market information and industry information contained in stock prices should be more and more small, the company private information should more and more, so the stock price non-synchronicity grows. Market emotional fluctuations caused by the irrational can be alleviated, which makes further efforts to improve the accuracy of market price signals, help enterprises to promote investment efficiency.
In view of the above theory, this paper tries to use the financial data of China's listing Corporation, building model of proxy index to select reasonable investor sentiment and the information content of stock price, discuss the relationship between factors, hoping to offer a new perspective the enterprise investment behavior research from a relatively complete system.
引文
[1]Alti,A.,How persistent is the impact of market timing on capital structure? [J].Journal of Finance,2006,61:1681-1710.
[2]Amemiya,T.,A Note on a Random Coefficients Model, [J]International Economic Review,1978,19:793-796.
[3]Baker, Jeremy Stein and jeffrey Wurgler.When dose the market Matter?-StockPrieesandtheInv Jouma lof Eeonomies,2003,118:9
[4]Baker.M.J.CStein.Marke Financialmarkets,2004,7:271-299
[5]Barberis,Nieholas,and Andrei Shleifer,and jeffrey Wurgler.Comovement.[J].Joumal of Finaneial Eeonomies,2005(75):283-317.
[6]Biddle,G.,G.Hilary,"Accounting Quality and Firm-level Capital Investment", [J]The Accounting Review,2006,81(5),963-982.
[7]Bie,T.,L.Haan,"Does Market Timing Drive Capital Structures?A Panel Data Study for Dutch Firms",DNB Working Papers 016,2004.
[8]Christopher Polk, Paola Sapienza.TheReal Effeet of Investor Sentiment [R].NorthWestern University Wbrkin gPaper,2002.
[9]Campbell John, Lo Andrewand Maekinlay Craig.TheEeonometries of Finaneia markets[M].Prineeto university Press, Prineeton,1997.
[10]Chan,K.,K.C.Chan,N.Jegadeesh,and J.Lakonishok,Earnings Quality and Stock Return," [Z]NBER,Working Paper No.8308,2000.
[11]Chang,G.,R.Faff,W.Kwok and X.Wong,"Financial Constraints,Mispricing and Corporate Investment", The Hong Kong Polytechnic University,Working Paper,2009.
[12]Chang,X.and S.Dasgupta,"Target Behavior and Financing:How Conclusive Is the Evidence?"[J]Journal of Finance,2009,64,1767-1796.
[13]Cristopher Polk, Paola Sapienza.The Stoek Market and Corporate Investment: A Test of Catering Theory.[J].The Review of Finaneial Studies,2009: 187-217.
[14]Cowles,Alfred.Can Stoek Market Forecasters Forecast?[J].Econometriea, 1933(1):309-324.
[15]Comier,D.,M.Magnan,Environmental Reporting Management:A Continental European Perspective.[J]. Journal of Accounting and Public Policy,2003, 22,43-62.
[16]Daniel,K,D.Hirshleifer andA.Subrahmanyam.Investor Psyeohology and Seeurity Market
[17]De Bondt,Werner and Thaler, Riehard.Does the Stoek Market Overreaet? [J] Joumal of Finanee,1985(40):793-505.
[18]Diamond,D.,R.Verrecchia,Liquidity,and the Cost of Capital,[J] Journal of Finance,1991,46(4):pp.1325-1359.
[19]Diether,K.,C,Malloy,and A,Scherbina,Differences of Option and the Cross-section of Stock Returns,[J]Journal of Finance,2002,57:2113-2142.
[20]Dong,M.,D,Hirshleifer and S.Teoh,"Stock Market Misevaluation and Corporate Investment" [Z].MPRA Paper No.3109,2007.
[21]Flannery,M.,and K.Rangan,Partial adjustment towards target capital structures,[J]. Journal of Financial Economics,2006,79:469-506.
[22]Fulghieri,P.and D.Lukin,"Tnformation Production,Dilution Costs,and Optimal Security Design ", [J] Journal of Financial Economics,2001,61(1),3-42.
[23]Gillan S.L., Starks, L.T..A survey of shareholder activism:motivation and empirical evidence [J] I.Contem Porary Finanee Digest,1998,2(3):10-34.
[24]Gilehrist, Simon, CharlesHimmelbe and Gur Huberman, Do stock price Bubbles influence Corporate Investment? (R).Federal Reserve Bank of New York Staff Reports,2002.
[25]Graham, J.R.,and C.Harvey,The theory and practice of corporate finance:evidence from the field,[J]Journal of Financial Economics,2001,60: 187-243.
[26]Hovakimian,A.,H.Hu,"Stock Prices and Corporate Investment",Baruch College Working Paper,2010.
[27]Hovakimian,A."Are Observed Capital Structures Determined by Equity Market Timing?"[J] Journal of Financial and Quantitative Analysis, 2006,41,221-243.
[28]Jaffe, Jeffrey.speeial,Information and Insider Trading [J].Joumalo Business, 1974(47):410-428.
[29]Jenter,D.,Lewellen,K.,and Warner,J.B,"Security Issue Timing:What do Managers Know,and When do they Know it?" [J] Journal of Finance,2011,66,413-443.
[30]Jones C.A Century of Stock Market liquidity and Trading Costs[R]. LosAngels, Columbia University working Paper,2002.
[31]Jung,K.,Y.C.Kim,and R.M.Stulz,Timing,investment opportunities,managerial discretion, and the security issue decision,[J]. Journal of Financial Economics,1996,42:159-185.
[32]Kaplan,S.,L.Zingales,Do Investment-Cash Flow Sensitivities Provide Useful Measures of Financing Constraints[J]. Quarterly Journal of Economics,1997,112:169-215.
[33]Kayhan,A.,and S.Titman,Firms'histories and their capital structures,[J]Journal of Financial Economics,2007,83,1-32.
[34]Keynes,J.M,"The General Theory of Employment,Interest,and Money", Macmillan,London,1936.
[35]Khanna,N.and R.Sonti,"Value Creating Stock Manipulation:Feedback Effect of Stock Price on Firm Value",[J]Journal of Financial Markets,2004, 7(3),pp.237-270.
[36]Kindleberger,C"Manias,Panics,and Crashes",Wiley,New York,2000.
[37]Korajczyk,R.,and A.Levy"Capital structure choice:Macroeconomic conditions and financial constraints", [J] Journal of Financial Economics,2003, 68,75-109.
[38]Lamont,O."Investment plans and stock returns",[J]Journal of Finance, 2000,65,2719-2745.
[39]Leary,M.T.,and M.R.Roberts,Do firms rebalance their capital structures?[J]. Journal of Finance,2005,60:2575-2619.
[40]Lee,C.M.,B.Swaminthan,Price Momentum and Trading Volume[J] Journal of Finance,2000,55(5),2017-2069.
[41]Lily Qiu, Ivo Welch. Investor Sentiment Measures[R].The NBER Working Paper No 10794 Issued in September 2004 NBER Program(s).
[42]Luo, Yuan zhi.Do Insiders Leam from Outsiders?Evidence from Merger Sand Acquisition [R]. Working Paper, University of Rochester and GS AM,2004.
[43]McLean,R.and M.Zhao,2011,"The Business Cycle,Investor Sentiment,and Costly External Finance",the University of Alberta Working Paper.
[44]Mittoo,U R and Z.Zhang"The Capital Structure of Multinational Corporations:Canadian versus U.S.Evidence", [J] Journal of Corporate Finance,2008,14,706-720.
[45]Myers, S.The Capital Structure puzzle[J] Joumal of Finanee, 1984(39):575-592.
[46]Myers, S and N.Majluf.Corporate Financing and Investment Decisions When Firms Have Information Investors Do Not Have[J] Journal of Financial Economies,1984(13):187-221.
[47]Ozdenoren,E.and K. Yuan,"Feedback Effect and Asset Prices", [J]Joumal of Fin63(4),1939-1975.
[48]Pagano,M.,and A.Roell,The choice of stock ownership structure:Agency costs,mo the decision to go public,[J].Quarterly Journal of Economics, 1998,113:187-225.
[49]Pittman,J.A.and Fortin,S.,Auditor Choice and the Cost of Debt Capital in Newly Public Firms. [J].Journal of Accounting and Economics,2004, 37:113-136.
[50]Polk,C.and P.Sapienza,The Stock Market and Corporate Investment:A Test of Catering Theory, [J]Review of Financial Studies,2009,22(1):187-217.
[51]Poniiff J.Closed-End Fund Premia and Returns Implieations for Financial Market Equilibrium [J] Journal of Financial Eeonomies,1995,37:341-370.
[52]Rhodes-Kropf,M.,D.Robinson,and S.Viswanathan,"Valuation Waves and Merger Activity:The Empirical Evidence",[J]Journal of Financial Economics,2005,77(3),561-603.
[53]Richardson,S.,2006,"Overinvestment of Free Cash Flow",[J]Review of Accounting Studies,11(2),159-189.
[54]RobertS, Chirinko.Business Fixed Investment Spending:Modeling Strategies? Empirieal Results, and policy Implieations[J]Journal of Eeonomic Literature. 1993(31):1875-1911.
[55]Shefrin,H.,and M.Statman,The Disposition to Sell Winners too Early and Ride Losers too Long, [J] Journal of Finance,1985,40:777-790.
[56]Sloan,R.,Do Stock Prices Fully Reflect Information in Accruals and Cash Flows about Future Earning?[J]The Accounting Review,1996,71:289-315.
[57]Soros,G.,The Alchemy of Finance.[M].Wiley,Hobokm,NJ.2003.
[58]Stein,J.C.,Rational capital budgeting in an irrational world, [J]. Journal of Business,1996,69:429-455.
[59]Subrahmanyam,A.,S.Titman,The going-public decision and the development of financial markets. [J] Journal of Finance,1999,54:1045-1082.
[60]Subrahmanyam,A.and S.Titman,"Feedback from Stock Prices to Cash Flows",[J]Journal of Finance,2001,56(6),pp.2389-2413.
[61]Sunder,J.,"Information Production in Stock Markets and Cost of Bank Debt",Northwestern University Working paper,2004.
[62]Titman, Sheridan, John Wei, and Feixue Xie. Capital Investments and stock Returns [R]. university of texas working paper,2001.
[63]vega, elara. Are Investor sover confident?[R).Working Paper, ersity of Rochester,2004.
[64]veldkamp, Laura.Information Markets and the Comovement of Assets [R]. Working paper, New York University 2004.
[65]Warr,R.,W.Elliott,J.Koeter-Kant,and Oztekin,O.,"Equity Mispricing and Leverage Adjustment Costs",[J]Journal of Financial and Quantitative Analysis,2012,forthcoming.
[66]Welch,I,"Stock Returns and Capital Structure",[J]Journal of Political Economy,2004,112.
[67]Wurgler, Jeffrey. Financial Markets and the Allocation of capital [J]. Journal of Financial Eeonomies,2000(58):187-214.
[68]Wu,X.and C.Yeung,"Macroeconomic Conditions and Capital Structure Adjustment Speed", CUHK Working Paper,2010.
[69]Xu,Z,"The Impact of Market Timing on Canadian and U.S.Firms'Capital Structure",Bank of Canada Working Paper,2009.
[1]安德瑞·史莱佛.并非有效的市场—行为金融学导论(赵英军译).北京：中国人民大学出版社,2003.170-185
[2]陈冬华.地方政府、公司治理与企业绩效：[博士论文].上海：上海财经大学.2002：47-56
[3]陈冬华,陈信元,万华林.国有企业中的薪酬管制与在职消费.[J].经济研究,2005.2：92-101
[4]陈晓,王馄.关联交易、公司治理与国有股改革.[J].经济研究,2005,4：77-86
[5]陈晓,江东.股权多元化、公司业绩与行业竞争性.[J].经济研究,2000,5：28-35
[6]陈其安,杨秀苔.基于代理人过度自信的委托-代理关系模型研究.[J].管理工程学报,2007,1：110-116
[7]陈梦根,毛小元.股信息含量与市场交易活跃程度[J].金融研究,2007,(4)
[8]戴国强,吴林祥.中国证券市场有效性研究[A].金融市场微观结构理论[M].上海：上海财经大学出版社,1999
[9]丁志国.证券市场有效性研究[D].吉林：吉林大学博士论文,2004
[10]董华春.浅析美国机构投资者在公司治理中的作用[J].证券市场导报,2003,(6)
[11]樊行健、刘浩、郭文波,中国资本市场应计异象问题研究——基于上市公司成长性的全新视角[J]北京：金融研究,2009,(5),141-156
[12]高鸿祯.关于上海股市效率性的探讨[J].厦门大学学报,1996,(4)
[13]高晓红.我国上市公司股权融资偏好分析[J].投资研究,2000,(8)
[14]韩立岩.基于面板数据的中国资本配置效率研究[J].经济学季刊,2002,(3)
[15]韩立岩,蔡红艳.我国资本配置效率及其与金融市场关系评价研究[J].管理世界,2002,(3)
[16]韩立岩,王哲兵.我国实体经济资本配置效率与行业差异[J]经济研究,2005,(1)
[17]杭行.我国股市体制性缺陷分析[J].经济学家,1999,(6)
[18]郝颖、胡梦云、刘星.股票市价、所有权特征与公司投资行为研究——基于股权融资依赖视角[J]管理学报,2010(5),739-746
[19]侯永建.股票市场的信息生产及其对公司投资的影响[D]复旦大学博士论文,2006
[20]候宇、叶冬艳.股票市场的信息生产及其对公司投资的影响[J].金融研究,2008,(4)
[21]花贵如,刘志远,许鸯.投资者情绪、企业投资行为与资源配置效率[J].会计研究,2010,11：49-55
[22]蒋工梅,王明照.投资者情绪与股票横截面收益的实证研究[J].经济管理,2009,10：134-140
[23]凯恩斯.就业、利息和货币通论[M].商务印书馆,1963
[24]郎唯群.机构投资者与公司治理[J].华东师范大学博士学位论文,2003
[25]李广子、刘力,债务融资成本与民营信贷歧视[J].金融研究,2009(12),137-150
[26]李远鹏、牛建军、姜国华,证券市场“应计异象”研究：回顾与展望[J]会计研究,2008,(1),79-84
[27]刘端、陈收,中国市场管理者短视、投资者情绪与公司投资行为扭曲研究[J]中国管理科学,2006,(12),16-23
[28]陆建清.行为金融学[M].上海：立信会计出版社,2009
[29]锥庆举,吕鹏博.主成分法构建投资者情绪指标研究[J].云南财经大学报,2010,2：114-120
[30]马咏华.信息激励与公司治理效率[D].复旦大学博士学位论文,2004
[31]潘敏、朱迪星,企业的投资决策在迎合市场情绪吗?——来自我国上市公司的经验证据[J]经济管理,2010(11),124-131
[32]平湖、张目.基金黑幕—关于基金行为的研究报告解析[J].财经,2000,(10)
[33]乔建中.情绪的社会建构理论.心理科学进展,2003,5：541-544
[34]卿志琼.情绪介入经济决策研究的演变路径[J].财经研究,2009,9：59-69
[35]青木昌彦等.转轨经济中的公司治理结构[M].中国经济出版社,1995
[36]宋云玲、李志文,A股公司的应计异象[J]管理世界,2009,(8),17-24
[37]孙永祥,黄祖辉.上市公司的股权结构与绩效[J].经济研究,1999,(12)
[38]谭跃、夏芳,股价与中国上市公司投资——盈余管理与投资者情绪的交叉研究[J]会计研究,2011(8),30-39
[39]唐建伟.资产价格波动与宏观经济稳定[D].复旦大学博士学位论文,2004
[40]童盼,陆正飞.负债融资、负债来源与企业投资行为—来自中国上市公司的经验证据[J]经济研究,2005b,5：75—84
[41]田利辉.国有股权对上市公司绩效影响的U型曲线和政府股东两手论[J]经济研究,2005,10：48-58
[42]王开国.政策诱因与中国证券市场的内在不稳定性[J].经济研究,2002,(12)
[43]王克敏、姬美光和李薇,公司信息透明度与大股东资金占用研究[J].南开管理评论,2009(4),83-91
[44]王志强、李博,IPO市场择机对公司资本结构的持续效应研究[J].证券市场导报,2009(3),69-74
[45]伍燕然,韩立岩.不完全理性、投资者情绪与封闭式基金之谜[J].经济研究,2007,3：117-129
[46]吴世农,汪强.迎合投资者情绪?过度保守?还是两者并存-关于公司投资行为的实证研究[M].公司治理评论.北京：经济科学出版社,2009,1：185-203
[47]徐涛.中国资本市场配置效率研究[D].复旦大学博士学位论文,2003
[48]徐晓东,陈小悦.第一大股东对公司治理、企业业绩的影响分析[J].经济研究,2003,(2)
[49]亚当·斯密.道德情操论(蒋自强等译).北京：商务印书馆,1997
[50]亚当·斯密著.国民财富的性质和原因研究(郭大力译).北京：商务印书馆,1974
[51]严志辉,钟美瑞,黄健柏.基于过度白信的多任务委托—代理模型扩展研究[J].系统工程.2006,2：19—22
[52]姚颐,刘志远.股权分置改革、机构投资者与投资者保护[J].金融研究,2007,11：48-56。
[53]姚颐,刘志远.震荡市场、机构投资者与市场稳定[J].管理世界,2008,8：22-32
[54]杨继伟,股价信息含量与资本投资效率—基于投资现金流敏感度的视角[J].南开管理评论,2011,(5),99-108
[55]叶蓓,祝建军.基于投资者非理性假设的行为公司财务研究[J].财会通讯,2008,7：89-93
[56]易宪容,赵春明.行为金融学[M].北京,社会科学文献出版社,2004
[57]俞鸿琳,股票价格能否影响公司投资水平[J]经济科学,2011,(4),88-98
[58]袁国良,郑江淮,胡志乾.我国上市公司融资偏好和融资能力的实证研究[J].管理世界,1999,(3)
[59]袁志柱,鞠晓峰.基于面板数据模型的股价波动非同步性方法测度股价信息含量的有效性检验[J].中国软科学,2009(2)
[60]游家兴.市场信息效率的提高会改善资源配置效率吗?——基于R2的研究视角[J].数量经济技术经济研究,2008(2)
[61]翟林瑜.信息、投资者行为与资本市场效率[J].经济研究,2004,(3)
[62]曾颖,陆正飞,信息披露质量与股权融资成本[J].经济研究,2006(2),69-79
[63]张兵、范致镇、潘军昌,信息透明度与公司绩效——基于内生性视角的研究[J].金融研究,2009(2),149-168
[64]张戈、王美今,投资者情绪与上市公司实际投资[J].南方经济,2007(3),3-14
[65]张人骥,王怀芳,王耀东,朱海平.上海证券市场系统风险趋势与动的实证分析[J].金融研究,2000,(1)
[66]张圣平,熊德华,张峥,刘力.现代经典金融学的困境与行为金融的崛起[J].金融研究,2003,(4)
[67]张思奇,马刚,冉华.股票市场风险、收益与市场效率ARMA-ARCH-M模型[J].世界经济,2000,(2)
[68]张新.并购重组是否创造价值—中国证券市场的理论与实证研究[J].经济研究,2003,(6)
[69]张亦春,周颖刚.中国股市弱势有效了吗?[J].金融研究,2001(3)
[70]赵宇龙.会计盈余披露的信息含量—来自上海股市的经验证据[J].经济研究,1998,(8)
[71]郑江淮,何旭强,王华.上市公司投资的融资约束：从股权结构角的实证分析[J].金融研究,2001,(6)
[72]郑江淮,袁国良,胡志乾.银行、股票市场与长期经济增长[J].管理世界,2000,(6)
[73]周爱民,张荣亮等.行为金融学[M].北京：经济管理出版社,2005
[74]邹港永,宋敏和王杰邦.中国上市公司投资决策与软预算约束[J].中国金融学,2003,1(1)
[75]朱红军,何贤杰.中国的证券分析师能够提高资本市场的效率吗?—基于股价同步性和股价信息含量的经验证据[M].中国会计学会2006年学术年会论文集(中册)
[2]Amemiya,T.,A Note on a Random Coefficients Model, [J]International Economic Review,1978,19:793-796.
[3]Baker, Jeremy Stein and jeffrey Wurgler.When dose the market Matter?-StockPrieesandtheInv Jouma lof Eeonomies,2003,118:9
[4]Baker.M.J.CStein.Marke Financialmarkets,2004,7:271-299
[5]Barberis,Nieholas,and Andrei Shleifer,and jeffrey Wurgler.Comovement.[J].Joumal of Finaneial Eeonomies,2005(75):283-317.
[6]Biddle,G.,G.Hilary,"Accounting Quality and Firm-level Capital Investment", [J]The Accounting Review,2006,81(5),963-982.
[7]Bie,T.,L.Haan,"Does Market Timing Drive Capital Structures?A Panel Data Study for Dutch Firms",DNB Working Papers 016,2004.
[8]Christopher Polk, Paola Sapienza.TheReal Effeet of Investor Sentiment [R].NorthWestern University Wbrkin gPaper,2002.
[9]Campbell John, Lo Andrewand Maekinlay Craig.TheEeonometries of Finaneia markets[M].Prineeto university Press, Prineeton,1997.
[10]Chan,K.,K.C.Chan,N.Jegadeesh,and J.Lakonishok,Earnings Quality and Stock Return," [Z]NBER,Working Paper No.8308,2000.
[11]Chang,G.,R.Faff,W.Kwok and X.Wong,"Financial Constraints,Mispricing and Corporate Investment", The Hong Kong Polytechnic University,Working Paper,2009.
[12]Chang,X.and S.Dasgupta,"Target Behavior and Financing:How Conclusive Is the Evidence?"[J]Journal of Finance,2009,64,1767-1796.
[13]Cristopher Polk, Paola Sapienza.The Stoek Market and Corporate Investment: A Test of Catering Theory.[J].The Review of Finaneial Studies,2009: 187-217.
[14]Cowles,Alfred.Can Stoek Market Forecasters Forecast?[J].Econometriea, 1933(1):309-324.
[15]Comier,D.,M.Magnan,Environmental Reporting Management:A Continental European Perspective.[J]. Journal of Accounting and Public Policy,2003, 22,43-62.
[16]Daniel,K,D.Hirshleifer andA.Subrahmanyam.Investor Psyeohology and Seeurity Market
[17]De Bondt,Werner and Thaler, Riehard.Does the Stoek Market Overreaet? [J] Joumal of Finanee,1985(40):793-505.
[18]Diamond,D.,R.Verrecchia,Liquidity,and the Cost of Capital,[J] Journal of Finance,1991,46(4):pp.1325-1359.
[19]Diether,K.,C,Malloy,and A,Scherbina,Differences of Option and the Cross-section of Stock Returns,[J]Journal of Finance,2002,57:2113-2142.
[20]Dong,M.,D,Hirshleifer and S.Teoh,"Stock Market Misevaluation and Corporate Investment" [Z].MPRA Paper No.3109,2007.
[21]Flannery,M.,and K.Rangan,Partial adjustment towards target capital structures,[J]. Journal of Financial Economics,2006,79:469-506.
[22]Fulghieri,P.and D.Lukin,"Tnformation Production,Dilution Costs,and Optimal Security Design ", [J] Journal of Financial Economics,2001,61(1),3-42.
[23]Gillan S.L., Starks, L.T..A survey of shareholder activism:motivation and empirical evidence [J] I.Contem Porary Finanee Digest,1998,2(3):10-34.
[24]Gilehrist, Simon, CharlesHimmelbe and Gur Huberman, Do stock price Bubbles influence Corporate Investment? (R).Federal Reserve Bank of New York Staff Reports,2002.
[25]Graham, J.R.,and C.Harvey,The theory and practice of corporate finance:evidence from the field,[J]Journal of Financial Economics,2001,60: 187-243.
[26]Hovakimian,A.,H.Hu,"Stock Prices and Corporate Investment",Baruch College Working Paper,2010.
[27]Hovakimian,A."Are Observed Capital Structures Determined by Equity Market Timing?"[J] Journal of Financial and Quantitative Analysis, 2006,41,221-243.
[28]Jaffe, Jeffrey.speeial,Information and Insider Trading [J].Joumalo Business, 1974(47):410-428.
[29]Jenter,D.,Lewellen,K.,and Warner,J.B,"Security Issue Timing:What do Managers Know,and When do they Know it?" [J] Journal of Finance,2011,66,413-443.
[30]Jones C.A Century of Stock Market liquidity and Trading Costs[R]. LosAngels, Columbia University working Paper,2002.
[31]Jung,K.,Y.C.Kim,and R.M.Stulz,Timing,investment opportunities,managerial discretion, and the security issue decision,[J]. Journal of Financial Economics,1996,42:159-185.
[32]Kaplan,S.,L.Zingales,Do Investment-Cash Flow Sensitivities Provide Useful Measures of Financing Constraints[J]. Quarterly Journal of Economics,1997,112:169-215.
[33]Kayhan,A.,and S.Titman,Firms'histories and their capital structures,[J]Journal of Financial Economics,2007,83,1-32.
[34]Keynes,J.M,"The General Theory of Employment,Interest,and Money", Macmillan,London,1936.
[35]Khanna,N.and R.Sonti,"Value Creating Stock Manipulation:Feedback Effect of Stock Price on Firm Value",[J]Journal of Financial Markets,2004, 7(3),pp.237-270.
[36]Kindleberger,C"Manias,Panics,and Crashes",Wiley,New York,2000.
[37]Korajczyk,R.,and A.Levy"Capital structure choice:Macroeconomic conditions and financial constraints", [J] Journal of Financial Economics,2003, 68,75-109.
[38]Lamont,O."Investment plans and stock returns",[J]Journal of Finance, 2000,65,2719-2745.
[39]Leary,M.T.,and M.R.Roberts,Do firms rebalance their capital structures?[J]. Journal of Finance,2005,60:2575-2619.
[40]Lee,C.M.,B.Swaminthan,Price Momentum and Trading Volume[J] Journal of Finance,2000,55(5),2017-2069.
[41]Lily Qiu, Ivo Welch. Investor Sentiment Measures[R].The NBER Working Paper No 10794 Issued in September 2004 NBER Program(s).
[42]Luo, Yuan zhi.Do Insiders Leam from Outsiders?Evidence from Merger Sand Acquisition [R]. Working Paper, University of Rochester and GS AM,2004.
[43]McLean,R.and M.Zhao,2011,"The Business Cycle,Investor Sentiment,and Costly External Finance",the University of Alberta Working Paper.
[44]Mittoo,U R and Z.Zhang"The Capital Structure of Multinational Corporations:Canadian versus U.S.Evidence", [J] Journal of Corporate Finance,2008,14,706-720.
[45]Myers, S.The Capital Structure puzzle[J] Joumal of Finanee, 1984(39):575-592.
[46]Myers, S and N.Majluf.Corporate Financing and Investment Decisions When Firms Have Information Investors Do Not Have[J] Journal of Financial Economies,1984(13):187-221.
[47]Ozdenoren,E.and K. Yuan,"Feedback Effect and Asset Prices", [J]Joumal of Fin63(4),1939-1975.
[48]Pagano,M.,and A.Roell,The choice of stock ownership structure:Agency costs,mo the decision to go public,[J].Quarterly Journal of Economics, 1998,113:187-225.
[49]Pittman,J.A.and Fortin,S.,Auditor Choice and the Cost of Debt Capital in Newly Public Firms. [J].Journal of Accounting and Economics,2004, 37:113-136.
[50]Polk,C.and P.Sapienza,The Stock Market and Corporate Investment:A Test of Catering Theory, [J]Review of Financial Studies,2009,22(1):187-217.
[51]Poniiff J.Closed-End Fund Premia and Returns Implieations for Financial Market Equilibrium [J] Journal of Financial Eeonomies,1995,37:341-370.
[52]Rhodes-Kropf,M.,D.Robinson,and S.Viswanathan,"Valuation Waves and Merger Activity:The Empirical Evidence",[J]Journal of Financial Economics,2005,77(3),561-603.
[53]Richardson,S.,2006,"Overinvestment of Free Cash Flow",[J]Review of Accounting Studies,11(2),159-189.
[54]RobertS, Chirinko.Business Fixed Investment Spending:Modeling Strategies? Empirieal Results, and policy Implieations[J]Journal of Eeonomic Literature. 1993(31):1875-1911.
[55]Shefrin,H.,and M.Statman,The Disposition to Sell Winners too Early and Ride Losers too Long, [J] Journal of Finance,1985,40:777-790.
[56]Sloan,R.,Do Stock Prices Fully Reflect Information in Accruals and Cash Flows about Future Earning?[J]The Accounting Review,1996,71:289-315.
[57]Soros,G.,The Alchemy of Finance.[M].Wiley,Hobokm,NJ.2003.
[58]Stein,J.C.,Rational capital budgeting in an irrational world, [J]. Journal of Business,1996,69:429-455.
[59]Subrahmanyam,A.,S.Titman,The going-public decision and the development of financial markets. [J] Journal of Finance,1999,54:1045-1082.
[60]Subrahmanyam,A.and S.Titman,"Feedback from Stock Prices to Cash Flows",[J]Journal of Finance,2001,56(6),pp.2389-2413.
[61]Sunder,J.,"Information Production in Stock Markets and Cost of Bank Debt",Northwestern University Working paper,2004.
[62]Titman, Sheridan, John Wei, and Feixue Xie. Capital Investments and stock Returns [R]. university of texas working paper,2001.
[63]vega, elara. Are Investor sover confident?[R).Working Paper, ersity of Rochester,2004.
[64]veldkamp, Laura.Information Markets and the Comovement of Assets [R]. Working paper, New York University 2004.
[65]Warr,R.,W.Elliott,J.Koeter-Kant,and Oztekin,O.,"Equity Mispricing and Leverage Adjustment Costs",[J]Journal of Financial and Quantitative Analysis,2012,forthcoming.
[66]Welch,I,"Stock Returns and Capital Structure",[J]Journal of Political Economy,2004,112.
[67]Wurgler, Jeffrey. Financial Markets and the Allocation of capital [J]. Journal of Financial Eeonomies,2000(58):187-214.
[68]Wu,X.and C.Yeung,"Macroeconomic Conditions and Capital Structure Adjustment Speed", CUHK Working Paper,2010.
[69]Xu,Z,"The Impact of Market Timing on Canadian and U.S.Firms'Capital Structure",Bank of Canada Working Paper,2009.
[1]安德瑞·史莱佛.并非有效的市场—行为金融学导论(赵英军译).北京：中国人民大学出版社,2003.170-185
[2]陈冬华.地方政府、公司治理与企业绩效：[博士论文].上海：上海财经大学.2002：47-56
[3]陈冬华,陈信元,万华林.国有企业中的薪酬管制与在职消费.[J].经济研究,2005.2：92-101
[4]陈晓,王馄.关联交易、公司治理与国有股改革.[J].经济研究,2005,4：77-86
[5]陈晓,江东.股权多元化、公司业绩与行业竞争性.[J].经济研究,2000,5：28-35
[6]陈其安,杨秀苔.基于代理人过度自信的委托-代理关系模型研究.[J].管理工程学报,2007,1：110-116
[7]陈梦根,毛小元.股信息含量与市场交易活跃程度[J].金融研究,2007,(4)
[8]戴国强,吴林祥.中国证券市场有效性研究[A].金融市场微观结构理论[M].上海：上海财经大学出版社,1999
[9]丁志国.证券市场有效性研究[D].吉林：吉林大学博士论文,2004
[10]董华春.浅析美国机构投资者在公司治理中的作用[J].证券市场导报,2003,(6)
[11]樊行健、刘浩、郭文波,中国资本市场应计异象问题研究——基于上市公司成长性的全新视角[J]北京：金融研究,2009,(5),141-156
[12]高鸿祯.关于上海股市效率性的探讨[J].厦门大学学报,1996,(4)
[13]高晓红.我国上市公司股权融资偏好分析[J].投资研究,2000,(8)
[14]韩立岩.基于面板数据的中国资本配置效率研究[J].经济学季刊,2002,(3)
[15]韩立岩,蔡红艳.我国资本配置效率及其与金融市场关系评价研究[J].管理世界,2002,(3)
[16]韩立岩,王哲兵.我国实体经济资本配置效率与行业差异[J]经济研究,2005,(1)
[17]杭行.我国股市体制性缺陷分析[J].经济学家,1999,(6)
[18]郝颖、胡梦云、刘星.股票市价、所有权特征与公司投资行为研究——基于股权融资依赖视角[J]管理学报,2010(5),739-746
[19]侯永建.股票市场的信息生产及其对公司投资的影响[D]复旦大学博士论文,2006
[20]候宇、叶冬艳.股票市场的信息生产及其对公司投资的影响[J].金融研究,2008,(4)
[21]花贵如,刘志远,许鸯.投资者情绪、企业投资行为与资源配置效率[J].会计研究,2010,11：49-55
[22]蒋工梅,王明照.投资者情绪与股票横截面收益的实证研究[J].经济管理,2009,10：134-140
[23]凯恩斯.就业、利息和货币通论[M].商务印书馆,1963
[24]郎唯群.机构投资者与公司治理[J].华东师范大学博士学位论文,2003
[25]李广子、刘力,债务融资成本与民营信贷歧视[J].金融研究,2009(12),137-150
[26]李远鹏、牛建军、姜国华,证券市场“应计异象”研究：回顾与展望[J]会计研究,2008,(1),79-84
[27]刘端、陈收,中国市场管理者短视、投资者情绪与公司投资行为扭曲研究[J]中国管理科学,2006,(12),16-23
[28]陆建清.行为金融学[M].上海：立信会计出版社,2009
[29]锥庆举,吕鹏博.主成分法构建投资者情绪指标研究[J].云南财经大学报,2010,2：114-120
[30]马咏华.信息激励与公司治理效率[D].复旦大学博士学位论文,2004
[31]潘敏、朱迪星,企业的投资决策在迎合市场情绪吗?——来自我国上市公司的经验证据[J]经济管理,2010(11),124-131
[32]平湖、张目.基金黑幕—关于基金行为的研究报告解析[J].财经,2000,(10)
[33]乔建中.情绪的社会建构理论.心理科学进展,2003,5：541-544
[34]卿志琼.情绪介入经济决策研究的演变路径[J].财经研究,2009,9：59-69
[35]青木昌彦等.转轨经济中的公司治理结构[M].中国经济出版社,1995
[36]宋云玲、李志文,A股公司的应计异象[J]管理世界,2009,(8),17-24
[37]孙永祥,黄祖辉.上市公司的股权结构与绩效[J].经济研究,1999,(12)
[38]谭跃、夏芳,股价与中国上市公司投资——盈余管理与投资者情绪的交叉研究[J]会计研究,2011(8),30-39
[39]唐建伟.资产价格波动与宏观经济稳定[D].复旦大学博士学位论文,2004
[40]童盼,陆正飞.负债融资、负债来源与企业投资行为—来自中国上市公司的经验证据[J]经济研究,2005b,5：75—84
[41]田利辉.国有股权对上市公司绩效影响的U型曲线和政府股东两手论[J]经济研究,2005,10：48-58
[42]王开国.政策诱因与中国证券市场的内在不稳定性[J].经济研究,2002,(12)
[43]王克敏、姬美光和李薇,公司信息透明度与大股东资金占用研究[J].南开管理评论,2009(4),83-91
[44]王志强、李博,IPO市场择机对公司资本结构的持续效应研究[J].证券市场导报,2009(3),69-74
[45]伍燕然,韩立岩.不完全理性、投资者情绪与封闭式基金之谜[J].经济研究,2007,3：117-129
[46]吴世农,汪强.迎合投资者情绪?过度保守?还是两者并存-关于公司投资行为的实证研究[M].公司治理评论.北京：经济科学出版社,2009,1：185-203
[47]徐涛.中国资本市场配置效率研究[D].复旦大学博士学位论文,2003
[48]徐晓东,陈小悦.第一大股东对公司治理、企业业绩的影响分析[J].经济研究,2003,(2)
[49]亚当·斯密.道德情操论(蒋自强等译).北京：商务印书馆,1997
[50]亚当·斯密著.国民财富的性质和原因研究(郭大力译).北京：商务印书馆,1974
[51]严志辉,钟美瑞,黄健柏.基于过度白信的多任务委托—代理模型扩展研究[J].系统工程.2006,2：19—22
[52]姚颐,刘志远.股权分置改革、机构投资者与投资者保护[J].金融研究,2007,11：48-56。
[53]姚颐,刘志远.震荡市场、机构投资者与市场稳定[J].管理世界,2008,8：22-32
[54]杨继伟,股价信息含量与资本投资效率—基于投资现金流敏感度的视角[J].南开管理评论,2011,(5),99-108
[55]叶蓓,祝建军.基于投资者非理性假设的行为公司财务研究[J].财会通讯,2008,7：89-93
[56]易宪容,赵春明.行为金融学[M].北京,社会科学文献出版社,2004
[57]俞鸿琳,股票价格能否影响公司投资水平[J]经济科学,2011,(4),88-98
[58]袁国良,郑江淮,胡志乾.我国上市公司融资偏好和融资能力的实证研究[J].管理世界,1999,(3)
[59]袁志柱,鞠晓峰.基于面板数据模型的股价波动非同步性方法测度股价信息含量的有效性检验[J].中国软科学,2009(2)
[60]游家兴.市场信息效率的提高会改善资源配置效率吗?——基于R2的研究视角[J].数量经济技术经济研究,2008(2)
[61]翟林瑜.信息、投资者行为与资本市场效率[J].经济研究,2004,(3)
[62]曾颖,陆正飞,信息披露质量与股权融资成本[J].经济研究,2006(2),69-79
[63]张兵、范致镇、潘军昌,信息透明度与公司绩效——基于内生性视角的研究[J].金融研究,2009(2),149-168
[64]张戈、王美今,投资者情绪与上市公司实际投资[J].南方经济,2007(3),3-14
[65]张人骥,王怀芳,王耀东,朱海平.上海证券市场系统风险趋势与动的实证分析[J].金融研究,2000,(1)
[66]张圣平,熊德华,张峥,刘力.现代经典金融学的困境与行为金融的崛起[J].金融研究,2003,(4)
[67]张思奇,马刚,冉华.股票市场风险、收益与市场效率ARMA-ARCH-M模型[J].世界经济,2000,(2)
[68]张新.并购重组是否创造价值—中国证券市场的理论与实证研究[J].经济研究,2003,(6)
[69]张亦春,周颖刚.中国股市弱势有效了吗?[J].金融研究,2001(3)
[70]赵宇龙.会计盈余披露的信息含量—来自上海股市的经验证据[J].经济研究,1998,(8)
[71]郑江淮,何旭强,王华.上市公司投资的融资约束：从股权结构角的实证分析[J].金融研究,2001,(6)
[72]郑江淮,袁国良,胡志乾.银行、股票市场与长期经济增长[J].管理世界,2000,(6)
[73]周爱民,张荣亮等.行为金融学[M].北京：经济管理出版社,2005
[74]邹港永,宋敏和王杰邦.中国上市公司投资决策与软预算约束[J].中国金融学,2003,1(1)
[75]朱红军,何贤杰.中国的证券分析师能够提高资本市场的效率吗?—基于股价同步性和股价信息含量的经验证据[M].中国会计学会2006年学术年会论文集(中册)