The Research On Investor Sentiment And Investment Behavior Of Listed Companies

The two assumptions of the traditional financial theory are Market EfficiencyHypothesis and "perfectly rational" assumption. Since the eighties of the last century,the stock market, a large number of traditional financial theory is not the same as thestock market anomalies, traditional financial theory has been difficult to explain thevision become a new hot spot, so behavioral finance theory. Rational people is thebasis of modern financial theory, due to psychological, emotional and cognitive biases,it is often not rational, then the theory of behavioral finance can help the study of thecapital market, to expand the horizons of financial theory. The research content ofBehavioral theory of corporate finance is that the company’s financial managementand decision-making is impacted by the irrational factors. Irrational behavior ofinvestors cause stock prices to deviate from its fundamental value is called "investorsentiment, investor sentiment, the stock price change would produce a system, and inturn will impact on the listed company’s investment decisions.In this paper, starting from the point of view of behavioral finance and behavioralCompany Finance, China’s capital market environment, researching on therelationship between investment behavior of our listed companies and investorsentiment. This paper first reviews the literature affect investor sentiment, a measureof investor sentiment, and the relationship between investment behavior of our listedcompanies and investor sentiment, then reviews the company Finance theory of therelevant behavioral finance and behavioral, and then established based on theperspective of the investor sentiment corporate investment behavior theoretical modelis proposed to be testing hypotheses of the Shanghai Stock Exchange a-shares listedcompanies2009-2011data for the study sample as a measure of investmententerprises on the average daily turnover for the year by emotional proxy variables,while controlling the firm size, operating cash flows, financial leverage and otherfactors that impact on corporate investment behavior, using panel data empirical testthe relationship between investor sentiment and listed companies the level ofinvestment, the use of the regression analysis of the relationship between investmentbehavior of our listed companies and investor sentiment. Through the analysis of theconclusions of this article, be corporate investment behavior, and optimize the governance structure of the theoretical basis and practical value.