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从先验及后验两个角度探究资本市场中投资者情绪的存在是提升还是降低信贷资源的配置效率。使用面板数据回归发现,从先验角度,伴随着市场整体投资者情绪的高涨,民营小规模上市公司获得更多银行借款,其融资约束得以缓解,信贷资源配置效率提高。进一步从获得贷款后企业投资效率和经营绩效的后验角度,却发现高涨投资者情绪下获取的银行借款加重了企业过度投资,并显著恶化了企业后续经营绩效,信贷资源的配置效率有所降低。
From the two perspectives of a priori and a posteriori, this paper explores the existence of investor sentiment in the capital market to enhance or reduce the distributive efficiency of credit resources. Using panel data regression found that from a priori perspective, along with the rising market sentiment of the overall investor, private small-scale listed companies to obtain more bank loans, the financing constraints to ease, improve the efficiency of the allocation of credit resources. Further from the post-loan business investment efficiency and business performance of the posterior perspective, but found that rising investor sentiment obtained under the bank loans aggravated the over-investment of enterprises and significantly deteriorate the successor business performance of enterprises, the allocation of credit resources decreased efficiency .