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    投资者情绪、管理者过度乐观与“IPO之谜”
    曹国华1, 任成林1, 林川2
    1.重庆大学 经济与工商管理学院, 重庆 400044;2.四川外国语大学 国际商学院, 重庆 400031
    摘要:
    文章将投资者行为拓展为两个维度,即机构投资者理性情绪与个人投资者非理性情绪,以中国2009-2014年沪深两市上市的IPO公司数据为样本,研究投资者中的理性因素和非理性因素对IPO定价和管理者过度乐观情绪的影响及其产生的经济后果,实证结果发现:机构投资者理性情绪越高,IPO公司超募水平越低,个人投资者非理性情绪对IPO首日溢价率有显著的正向影响;机构投资者理性情绪和个人投资者非理性情绪都能够塑造IPO公司管理者的过度乐观情绪,机构投资者理性情绪对IPO公司管理者过度乐观水平有显著的负向影响,而个人投资者非理性情绪越高涨,IPO公司管理者越会过度乐观;当IPO公司高超募、现金流充足时,IPO公司管理者的过度乐观能够加剧公司过度投资等非效率投资行为,损害了公司的整体绩效表现;当IPO公司低超募、现金流不足时,IPO公司管理者的过度乐观能够缓解因资金缺乏引起的投资不足,有助于从整体上改善公司的绩效水平;当IPO公司低超募、现金流不足时,存在着个人投资者非理性情绪影响IPO公司整体绩效表现的管理者过度乐观的中介效应。研究结果对中国股市存在的"IPO之谜"现象具有一定的解释力,对市场监管政策的制定和IPO公司管理层投融资决策的制定有一定的借鉴意义。
    关键词:  理性情绪  非理性情绪  管理者过度乐观  IPO定价
    DOI:10.11835/j.issn.1008-5831.2019.01.003
    分类号:F276.6;F380.91
    基金项目:
    Investor sentiment,managers over-optimism and “IPO puzzle”
    CAO Guohua1, REN Chenglin1, LIN Chuan2
    1.School of Economics and Business Administration, Chongqing University, Chongqing 400044, P. R. China;2.School of Business, Sichuan International Studies University, Chongqing 400031, P. R. China
    Abstract:
    Based on the dataset of the IPO companies listed in Shenzhen and Shanghai of China from 2009 to 2014, this article expands investor sentiment to two dimensions, which are institutional investors rational sentiment and individual investors irrational sentiment, and researches the relationship of investors sentiment on IPO pricing, managers over-optimism and corporate performance.The empirical results show that:Institutional investors rational sentiment has a significantly negative correlation with the over-funding of IPO companies, individual investors irrational sentiment has a significantly negative correlation with the first-day premium of IPO companies; Institutional investors rational sentiment and individual investors irrational sentiment both can shape the over-optimism of the IPO company managers, institutional investors has a significantly negative correlation with the over-optimism of the IPO company managers, individual investors irrational sentiment has a significantly negative correlation with the over-optimism of the IPO company managers;When the IPO companies have a high over-funding and have abundant cash flow, the over-optimism of the IPO company managers can aggravate over-investment behavior of the company and damage the company's overall performance level;When the IPO companies have a low over-funding and lack of cash flow, the over-optimism of the IPO company managers can alleviate the underinvestment caused by lack of funds and will help improve the company's performance. At the same time, individual investors irrational sentiment will affect the performance of IPO companies by the "intermediate channel of managerial over-optimism".The results have a certain explanation about the phenomenon of "IPO discount puzzle" in China, and also contribute to manager of IPO company to identify the information value in stock market and take appropriate financing stratrgy.
    Key words:  rational sentiment  irrational sentiment  managers over-optimism  IPO pricing
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