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本文研究了投资者过度自信对A股市场资产增长异象的解释力,及公司不确定性对上述解释力的调节作用。本文对1999-2012年A股上市公司的实证研究发现:A股市场存在显著的资产增长异象,这在整体及个体层面不确定性较高的公司中尤其明显;在市场情绪高涨期,A股市场资产增长异象更为明显,公司不确定性的调节作用不再显著;在市场情绪低落期,A股市场资产增长异象较弱,公司整体及个体层面的不确定性仍具有调节作用。研究结论符合本文预期,进而从投资者过度自信视角解释并证明了A股市场资产增长异象,这丰富和深化了基于投资的资产定价研究、行为公司金融研究,并具有一定的实践意义。
This paper studies the explanatory power of investors overconfidence on the image of asset growth in A-share market and the regulatory role of corporate uncertainty on the explanatory power. The empirical study of A-share listed companies from 1999 to 2012 finds that: A-share market has significant asset growth visions, which are especially evident in companies with higher overall and individual uncertainties. During the period of high market sentiment, A The stock market asset growth more viscous vision, the company’s regulatory role of uncertainty is no longer significant; in the market sentiment low, A-share market asset growth is weak, the company as a whole and individual level of uncertainty still play a regulatory role . The conclusions are in line with the expectation of this article, and then explain and prove the vision of asset growth in A-share market from the perspective of investors overconfidence. This enriches and deepens the research on asset pricing based on investment and behavioral corporate finance, and has certain practical significance.