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以企业营运资本管理水平的差异作为切入点,考察投资者情绪对企业投资规模和投资效率产生影响的过程中,营运资本管理所发挥的调节作用。研究发现:投资者情绪正向影响企业投资规模,营运资本管理在其中起到了一定的“平抑”作用,良好的营运资本管理可以弱化投资者情绪对企业投资规模的影响,进而对外部冲击产生平滑作用;投资者情绪加剧了过度投资,缓解了投资不足,而良好的营运资本管理可通过双向调节提升企业投资效率,即减弱投资者情绪对过度投资的恶化效应,强化其对投资不足的校正效应。科学的营运资本管理便于管理层灵活修正企业投资的外来扰动,平滑投资,更加自主地进行最优决策,以达到资源的优化配置。
Taking the difference of management level of working capital as an entry point, this part examines the regulatory role that working capital management plays in the process of influencing the investment scale and investment efficiency of the investor. The study found that: the positive impact of investor sentiment on the scale of corporate investment, working capital management plays a certain role in them, "good working capital management can weaken the impact of investor sentiment on the scale of business investment, and thus external shocks The investor sentiment exacerbates overinvestment and alleviates the underinvestment while the good working capital management can improve the enterprise investment efficiency through two-way adjustment, that is, weakened the deteriorating effect of investor sentiment on overinvestment and strengthened the investment underinvestment Correction effect. Scientific management of working capital allows management to flexibly correct external disturbances in corporate investment, smooth investment, and make optimal decisions more autonomously so as to achieve optimal allocation of resources.