中文摘要：

笔者考察了投资者情绪对企业投资行为的影响,以及货币政策对投资者情绪与企业投资行为关系的影响。基于中国上市公司2003—2012年季度数据的实证研究发现：投资者情绪对企业投资规模具有正向影响,而且对于民营控股企业的影响大于国有企业的影响;货币政策宽松度提高能够强化投资者情绪对企业投资规模的影响,并且这种强化作用主要体现在国有企业中,在民营企业中不存在。在投资效率方面,投资者情绪对企业过度投资具有正向影响,对投资不足具有负向影响,而且对于民营企业的影响大于国有企业的影响;货币政策宽松度提高能够强化投资者情绪对企业过度投资和投资不足的影响,并且这种强化作用主要体现在国有企业中,在民营企业中不存在。

英文摘要：

This paper investigates the influences of investor sentiment and monetary policy on the relationship between investor sentiment and corpo on quarterly data of China listed companies from 2003 to 2012, the empirical rate investment behavior. Based results show that investor sentiment has positive effect on investment level, and the effect on private companies is larger than on state-owned companies. Loose monetary policy enhances the effect of investor sentiment on corporate investment level, and this enhancement exists in state-owned companies while does not exist in private companies. In the aspect of investment efficiency, investor sentiment has positive effect on overinvestment and negative effect on underinvestment, and the effects on private companies are larger than on state-owned companies. Loose monetary policy enhances the effect of investor sentiment on corporate overinvestment or underinvestment, and this enhancement exists in state-owned companies while does not exist in private companies