Abstract:

This paper, based on the investors’ cognitive features perspective, explores the influence of the investors' attention to the investment efficiency of listed companies, and whether the institutional environment constraints affect the investment attention on efficiency of investment. The empirical study finds that investor attention can ease the shortage of investment in a certain extent, but did not inhibit the over investment. It is further found that in excessive investment group, strengthening investors’ attention could help companies to obtain more external finance ,but when the investment in the company is insufficient, this phenomenon does not appear. In addition, when joining external financing as control variables, the significant degree of correlation coefficient between investor attention and investment efficiency did not significantly change, showing that the influence of attention on the investment efficiency of investment is not achieved by external financing. At the same time, the study also found that the high degree of marketization can effectively alleviate the degree of information asymmetry and make up for the scarcity of investors' attention.

摘要：

本文立足于投资者认知特征的视角，探讨投资者注意力对上市公司的投资效率的影响，以及制度环境是否制约投资者注意力对投资效率的影响。通过实证检验结果显示，在一定程度上投资者的注意力可以缓解投资不足，但是这种效果并不体现在投资过度的抑制方面，分组研究结果显示，在企业投资过度时，投资者注意力的强化能使得企业获得更多的外部融资，但在公司投资不足时此现象并没有出现。此外，在加入外部融资作为控制变量时，投资者注意力与投资效率之间相关系数的显著度并未发生明显变化，说明投资者注意力对投资效率的影响不是通过外部融资的路径实现的。同时，研究还发现市场化程度高，能有效缓解信息不对称程度，弥补投资者注意力的稀缺。