文献类型：期刊文献

中文题名：公司不确定性、投资者过度自信与资产增长异象

英文题名：Firm Uncertainty,Investor Overconfidence and Asset Growth Anomaly

作者：叶建华[1]

第一作者：叶建华

机构：[1]河南财经政法大学会计学院

第一机构：河南财经政法大学会计学院

年份：2014

卷号：0

期号：12

起止页码：189-197

中文期刊名：管理评论

外文期刊名：Management Review

收录：CSTPCD;;国家哲学社会科学学术期刊数据库;北大核心:【北大核心2011】；CSSCI:【CSSCI2014_2016】；

基金：国家自然科学基金面上项目(71072084)

语种：中文

中文关键词：公司不确定性;资本支出;投资者过度自信;资产增长异象

外文关键词：firm uncertainty;capital expenditure;investor overconfidence;asset growth anomaly

摘要：本文研究了投资者过度自信对A股市场资产增长异象的解释力,及公司不确定性对上述解释力的调节作用。本文对1999-2012年A股上市公司的实证研究发现:A股市场存在显著的资产增长异象,这在整体及个体层面不确定性较高的公司中尤其明显;在市场情绪高涨期,A股市场资产增长异象更为明显,公司不确定性的调节作用不再显著;在市场情绪低落期,A股市场资产增长异象较弱,公司整体及个体层面的不确定性仍具有调节作用。研究结论符合本文预期,进而从投资者过度自信视角解释并证明了A股市场资产增长异象,这丰富和深化了基于投资的资产定价研究、行为公司金融研究,并具有一定的实践意义。
Based on the sample of A share listed companies during 1999 and 2012,this paper analyzes and examines the explanatory power of investor overconfidence on the asset growth anomaly in A share stock market,and the impact of firm uncertainty on this explanatory power. It shows that,asset growth anomaly is significant in A Share stock market,and this anomaly is more significant if firm uncertainty is high; when investor sentiment is high,the asset growth anomaly is more significant,but firm uncertainty has no impact on this phenomena; when investor sentiment is low,asset growth anomaly is no longer significant,but total and firm specific uncertainty has impact on this phenomena. All the foundlings support this paper's hypotheses and conclude that investor overconfidence can explain asset growth anomaly in A share stock market. This paper expands the research of asset pricing based on investment and behavioral corporate finance,and this research is helpful for our practice.