产业政策、投资者情绪与企业资源配置效率

《财经研究》 2021年47卷第1期 页码：77 - 93  online：2020年12月30日

产业政策、投资者情绪与企业资源配置效率

Industrial Policies, Investor Sentiment and Enterprise Resource Allocation Efficiency

作者（中）：花贵如1, 周树理1, 刘志远2, 靳光辉3 *

作者（英）：Hua Guiru1, Zhou Shuli1, Liu Zhiyuan2, Jin Guanghui3 *

作者单位：1.华东理工大学 商学院，上海 200237 2.南开大学 商学院，天津 300071 3.兰州大学 管理学院，甘肃 兰州 730000

摘要：产业政策是否会引起股票市场上投资者情绪的波动，政策外生冲击下的投资者情绪如何影响实体经济中企业资源的配置行为和效率，其深层的作用机制又是什么呢？为回答这一系列问题，文章基于中国资本市场的经验数据，通过实证研究发现，鼓励支持类的产业政策会引起投资者情绪的上涨，并刺激企业投资，这将加剧企业过度投资，缓解企业投资不足；淘汰限制类的产业政策会引起投资者情绪的下降，并抑制企业投资，这将会缓解企业过度投资，加剧投资不足。上述结论表明，在产业政策引导资源配置过程中，投资者情绪扮演了传导中介的角色。进一步研究发现，企业股权融资依赖程度或管理层股权激励越大，企业资源配置对投资者情绪的波动越敏感，这说明政策外生冲击下的投资者情绪影响企业资源配置的深层机制在于企业存在股权融资依赖和迎合市场情绪的动机。最后，总体上产业政策外生冲击下的投资者情绪对企业资源配置的影响造成了公司价值的损毁，并且不同影响渠道具有显著差异，利用投资者情绪降低股权融资成本所进行的资本投资显著提升了公司价值，而迎合市场情绪所进行的资源配置显著毁损了企业价值。上述研究成果有助于从微观企业视角理解股票市场在国家政策引导企业资源配置行为中的作用。

关键词：产业政策; 投资者情绪; 资源配置效率

Summary: In order to guide capital investment and improve the efficiency of resource allocation, the Chinese government has formulated and promulgated a series of industrial policies. However, China’s capital market has the typical characteristics of “policy-driven market”. Industrial policies often lead to sharp fluctuations in investor sentiment in the stock market, and have a substantial impact on enterprise resource allocation behavior and efficiency. Based on the “inefficient” capital market hypothesis, this paper intends to answer the following questions: Do industrial policies cause the fluctuation of investor sentiment in the stock market? What kind of physical impact does investor sentiment have on enterprise resource allocation behavior and efficiency? What is the underlying mechanism?This paper takes the industries that are not involved in industrial policies as the reference group, and takes the industries that are encouraged to support and restrict as the two groups. The empirical study finds that supportive industrial policies cause the rise of investor sentiment and stimulate enterprise investment, which will aggravate the overinvestment of enterprises and alleviate the underinvestment of enterprises; restrictive industrial policies lead to the decline of investor sentiment and inhibit enterprise investment, which will alleviate the overinvestment of enterprises and aggravate the underinvestment of enterprises. This shows that investor sentiment plays a mediating role in the process of industrial policies guiding resource allocation. Further research shows that the greater the degree of dependence on equity financing or management equity incentive, the more sensitive the enterprise resource allocation is to the fluctuation of investor sentiment, which indicates that the deep mechanism of the influence of investor sentiment on enterprise resource allocation under the exogenous impact of policies lies in that the enterprise has the motivation to rely on equity financing and cater to market sentiment. Finally, on the whole, the impact of investor sentiment on enterprise resource allocation under the exogenous impact of industrial policies results in the damage of corporate value, and there are significant differences in different channels of influence. Capital investment by reducing the cost of equity financing by investor sentiment significantly improves corporate value, while the resource allocation that caters to market sentiment significantly damages corporate value.This paper may have the following three aspects of innovation and contribution: First, it reveals the role of “exogenous factors” of industrial policies in the formation and evolution of investor sentiment, which helps to understand the impact of public policies on the stock market from the perspective of micro enterprises. Second, based on the limited rationality of investors, it studies the role of inefficient stock market in the process of industrial policies guiding enterprise resource allocation, which will help to understand the relationship among government, market and enterprise. Third, the research results have important policy and practical significance: In the process of using industrial policies to guide enterprise resource allocation, the government should not ignore the intermediate link of financial market’s response to industrial policies, and should pay attention to and effectively use the resource allocation function of “ineffective capital market”.

Key words: industrial policies; investor sentiment; resource allocation efficiency

DOI：10.16538/j.cnki.jfe.20200917.303

收稿日期：2020-5-7

基金项目：教育部人文社会科学研究规划基金项目（18YJA630038，19XJC630004）；国家社会科学基金重点项目（20AGL011）；国家自然科学基金项目（71302042）

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