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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投资效率的影响,以及制度环境的制约作用。研究发现,投资者注意力在一定程度上可以缓解投资不足,但是这种效果并不体现在对投资过度的抑制方面。进一步分组研究结果显示,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,但在投资不足时此现象并没有出现。当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。此外,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。
Based on the perspective of investor’s cognitive characteristics, this article explores the impact of investor’s attention on the investment efficiency of listed companies and the restrictive effect of institutional environment. The study found that investor attention can alleviate the underinvestment to a certain extent, but this effect is not reflected in the suppression of excessive investment. The further grouping study shows that in the case of overinvestment, the intensification of investor attention enables the firm to obtain more external financing, but this phenomenon does not occur when the investment is insufficient. When adding external financing as the control variable, the significant degree of the correlation coefficient between investor’s attention and investment efficiency does not change significantly, which shows that the investor’s attention’s impact on investment efficiency is not achieved through the path of external financing. In addition, a high degree of marketization can effectively alleviate the information asymmetry and make up for the scarcity of investors’ attention.