Investor sentiment, financing constraints, and corporate risk-taking: Mechanisms and heterogeneity analysis

IF 9.8 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis Pub Date : 2025-09-11 DOI:10.1016/j.irfa.2025.104629

Cui-Xia Zhao , Yan Li , Hao-Kui Wang

引用次数: 0

Abstract

This study uses panel data from Chinese A-share listed companies from 2009 to 2023 to examine the intrinsic relationships among investor sentiment, financing constraints, and corporate risk-taking through econometric modeling. The empirical findings are threefold: first, investor sentiment is significantly and positively associated with corporate risk-taking; second, the financing constraints faced by firms exert a marked inhibitory effect on such risk-taking; and third, financing constraints play a significant moderating role in the relationship between investor sentiment and corporate risk-taking. Heterogeneity tests further show that the influence of investor sentiment on corporate risk-taking varies substantially between high-tech and nonhigh-tech enterprises, as well as across different regions.

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投资者情绪、融资约束和企业风险承担：机制和异质性分析

本研究采用2009 - 2023年中国a股上市公司的面板数据，通过计量经济模型检验投资者情绪、融资约束和企业风险承担之间的内在关系。实证结果有三个方面：首先，投资者情绪与企业风险承担显著正相关；其次，企业所面临的融资约束对此类风险承担具有显著的抑制作用；第三，融资约束在投资者情绪与企业风险承担之间的关系中起着显著的调节作用。异质性检验进一步表明，投资者情绪对企业风险承担的影响在高新技术企业和非高新技术企业之间以及不同地区之间存在显著差异。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

International Review of Financial Analysis BUSINESS, FINANCE-

CiteScore

10.30

自引率

9.80%

发文量

366

期刊介绍： The International Review of Financial Analysis (IRFA) is an impartial refereed journal designed to serve as a platform for high-quality financial research. It welcomes a diverse range of financial research topics and maintains an unbiased selection process. While not limited to U.S.-centric subjects, IRFA, as its title suggests, is open to valuable research contributions from around the world.