投资者是否根据企业好坏进行投资决策?通过构建投资决策指标,我们建立了投资决策和企业优劣的关联模型,并进行了稳健性检验,利用2001~2011年的A股上市公司数据,进行面板数据估计。结果表明,投资者的决策受到企业收益优劣和市场风险的影响,但投资者并不关心企业经营风险和价格是否被低估,小公司效应在文中没有得到支持。 Investors make investment decisions based on the quality of the company? Through the construction of investment decision-making indicators, we establish a correlation model of investment decision-making and enterprise quality, and conducted a robust test, using the data of A-share listed companies from 2001 to 2011 Panel data estimation. The results show that the investors’ decision-making is influenced by the advantages and disadvantages of the enterprises and the market risks. However, investors are not concerned about whether the risks and prices of the enterprises are underestimated or not, and the effect of the small-sized companies is not supported in the article.