摘要
传统金融学认为，证券市场完全有效且市场参与者完全理性，股票的价
格能够真实地反映股票的实际价值。然而，二十世纪以来股市泡沫的屡次存
在与破灭都证实了股票价值存在错误定价，学者将其定义为“投资者情
绪”。为了更好地研究这种股票价值 “误定价”对资本市场产生影响的同
时是否会对实体经济产生影响，关于投资者情绪对上市公司投资行为影响的
相关研究逐渐增多，现有研究的方向主要停留在投资者情绪影响如何作用于
上市公司投资行为以及投资者情绪对上市公司投资水平的影响方面的研究，
缺乏更深层次地研究。为更进一步发掘投资者情绪对上市公司投资行为影响
的研究深度，以丰硕投资者情绪对实体经济影响的研究成果，为投资者、上
市公司、监管部门提供参考及借鉴，本文在此思路上展开研究

本文首先对投资者情绪、公司投资行为、迎合理论和迎合投资行为、国
有企业及非国有企业和国企民营化进行了概念界定，对投资者情绪作用于公
司投资行为的机理进行了理论分析，然后提出研究假设，建立检验模型，最
后选取 2005-2012 年沪深两市 662 家 A 股上市公司为样本，运用多元回归方
法，对模型进行回归，对各假设进行实证检验

根据理论分析和实证检验，结果表明：投资者情绪与上市公司投资水平
之间正相关，不同股权结构会对投资者情绪对上市公司投资水平的影响程度
产生调节作用，具体来说，股权集中度越高，上市公司迎合投资倾向越强，
相比非国有企业，国有企业的迎合投资倾向更强，民营化程度增加，上市公
司迎合投资倾向会减弱。投资者情绪与投资效率显著相关，与上市公司投资
过度显著正相关，与上市公司投资不足显著负相关，投资者情绪对上市公司
投资过度和投资不足现象具有“校正”和“恶化”的双向作用，不一定会造
成资源配置无效率。为保证研究结果的真实可靠，本文进行了稳健性检验，
得出的结果与实证结果相同。本文的结论对投资者投资提供了参考，为上市
公司治理提供了借鉴，为监管部门制度完善提供了依据

关键词：投资者情绪；迎合理论；股权结构；公司投资行为哈尔滨工业大学管理学硕士学位论文
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Abstract
Traditional financial theory holds that the prices of stocks can really
reflect their actual values since the stock market is completely effective and the
market participants are completely rational.However, since the 20th century, the
frequent existence and burst of the stock market bubble have proved the
mispricing of stock values, which is defined as “Investor sentiment” by the
scholars.In order to better study the effect of the mispricing of stock values on
the capital market and the real economy, the related study on the influence of
investor sentiment for investment behavior of listed companies has has recieved
considering attention in recent years.Existing research results mainly consider
the issues: how can the influence of investor sentiment act on the investment
behavior or investment level of listed companies, which lack a deep research
level.In order to further explore the influence of investor sentiment on the
investment behavior of listed companies and enrich the research resul ts on the
view of the impact of investor sentiment on the real economy, which aims to
provide reference for the investors, listed companies and supervisors, on which
this paper is based to conduct a study.
This paper first defines the concept of investor sentiment, corporate
investment behavior, catering theory and catering investment behavior,
state-owned enterprise and non state-owned enterprise and privatization of soe,
analyzes the mechanism of investor sentiment affecting the investment behavior.
Then puts forward the research hypothesis, and establishes the test
model.Finally, a total of 662 A-share listed companies in Shanghai and
Shenzhen from 2005 to 2012 were selected as the samples, and the Multiple
Regression Approach was used to regress the model the empirical tests were
carry out for examineing the proposed hypothesis.
According to the theoretical analysis and empirical tests, the results show
that investor sentiment is positively related to the investment level of the listed
companies, and the different ownership structure will adjust the influence of
investor sentiment on the investment level of the listed companies. Specifically,
the higher the concentration of the ownership, the stronger catering investment
tendency of the listed companiespared to non-state-owned enterprises,
state-owned enterprises have stronger investment tendency and the higher level
of privatization will lead to weaker investment tendency of listed
companies.The correlation between the investor sentiment and the inv estment
efficiency of listed companies is significant. Specifically, Investor sentiment is哈尔滨工业大学管理学硕士学位论文
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positive correlation related to overinvestment of listed companies, and is
negative correlation related to underinvestment of listed companies. Investor
sentiment has two sides of correction and deterioration for the over
investment and underinvestment of listed companies, which may not result in
inefficient allocation of resources. In order to ensure the authenticity of the
research results, the paper validates the robustness of the model and obtain the
consistent conclusion. The conclusions of the paper provide a reference for
investor investment and the governance of listed companies, and a basis for the
improvement of regulatory departments.
Keywords: investor sentiment, catering theory, ownership structure , corproate
investment behavior.哈尔滨工业大学管理学硕士学位论文
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目 录
摘要..........I
Abstract ...... II
第 1 章 绪 论 .......1
1.1 研究背景及意义 ......... 1
1.1.1 研究背景 .. 1
1.1.2 研究意义 .. 2
1.2 国内外研究现状 ......... 3
1.2.1 国外研究现状 ...... 3
1.2.2 国内研究现状 ...... 6
1.2.2 研究现状评述 ...... 8
1.3 主要研究内容 . 9
1.4 研究方案及技术路线图 ...... 10
1.4.1 研究方案10
1.4.2 技术路线图 ........ 11
第 2 章 理论分析 .12
2.1 相关概念界定 ........... 12
2.1.1 投资者情绪 ........ 12
2.1.2 公司投资行为 .... 12
2.1.3 迎合理论和迎合投资行为 ....... 12
2.1.4 国有企业及非国有企业和国企民营化 .......... 13
2.2 投资者情绪影响投资行为的原因分析 ..... 14
2.2.1 控股股东攫取控制权私利 ....... 14
2.2.2 经理人维护自身利益 ... 14
2.3 投资者情绪影响投资行为的过程分析 ..... 15
2.4 投资者情绪影响投资行为的结果分析 ...... 18
2.4.1 投资者情绪对投资水平的影响18
2.4.2 投资者情绪对投资效率的影响 ........
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