新闻情绪与投资效率:来自中国的证据

IF 2.1 3区经济学 Q2 BUSINESS, FINANCE

European Financial Management Pub Date : 2023-08-25 DOI:10.1111/eufm.12454

Yuan-Teng Hsu, Min Hua, Heng Liu, Qingren Wang

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引用次数: 0

摘要

本研究考察了2007-2017年中国市场媒体情绪对企业投资效率的影响。我们发现，媒体情绪的增加会导致过度投资，从而扭曲投资效率，但对投资不足没有显著影响。进一步，中介分析表明，融资约束在媒体情绪对过度投资的影响中起中介作用。为了减轻潜在的内生问题，我们采用了工具变量法和倾向评分匹配法。经过一系列稳健性测试后，主要发现成立。进一步的检验表明，公司治理因素可以改善新闻情绪对公司投资效率的不利影响。

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News sentiment and investment efficiency: Evidence from China

This study investigates the impact of media sentiment on firms' investment efficiency in the Chinese market during 2007–2017. We find that increased media sentiment can lead to overinvestment and thus distort investment efficiency, but it has no significant effect on underinvestment. Further, mediation analysis shows that financing constraints mediates the media sentiment effects on overinvestment. To mitigate potential endogenous problems, we employ instrumental variable approach and propensity score matching method. The main findings hold after a battery of robustness tests. Further tests show that corporate governance factors can ameliorate the adverse effect of news sentiment on corporate investment efficiency.

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来源期刊

European Financial Management BUSINESS, FINANCE-

CiteScore

4.30

自引率

18.20%

发文量

期刊介绍： European Financial Management publishes the best research from around the world, providing a forum for both academics and practitioners concerned with the financial management of modern corporation and financial institutions. The journal publishes signficant new finance research on timely issues and highlights key trends in Europe in a clear and accessible way, with articles covering international research and practice that have direct or indirect bearing on Europe.