The Impact Of Investor Sentiment On Listed Companies' Investment Behavior

On the basis of cognitive psychology and behavioral finance,a large number of evidence that not only investors are irrational,but this investor irrational emotions caused by the deviation is systematic.A large number of "visions" on the capital markets suggest that investor sentiment may cause "asset mispricing" and affect the investment behavior of listed companies.Therefore,from the perspective of the psychological factors of investors,investors' judgment and investment decision-making behavior become the important development direction of financial theory.Based on the literature review and theoretical demonstration of investor sentiment,this paper selects 317 listed companies in the Shenzhen Stock Exchange as research samples.After a large amount of data validation,the semi-annual momentum index is used as investment.And the Polk and Sapienza model and the Richardson model are used to develop the empirical test.The following two problems are solved: Firstly,would investor sentiment affect the investment behavior of listed companies? Secondly,for the emergence of non-efficiency of the situation,how is the specific analysis of investor sentiment on the investment behavior of these listed companies ? We can draw the following conclusions: On the one hand,in the domestic financial market,the influence of investor sentiment on the investment behavior of listed companies exists and has a positive correlation.On the other hand,for listed companies with inefficient investment in the capital market,the impact of different investor sentiment on their investment behavior is double-sided.This study can help managers understand the impact of investor sentiment on corporate investment decisions and avoid the occurrence of short-sighted behavior.It will help managers make investment decisions that are related to the long-term interests of the company,which is conducive to the healthy development of enterprises.At the same time,this research can provide the train of thought and decision-making basis for securities regulatory authorities in order to improve the regulatory system and establish a healthy market environment,which will help supervisors to better guide investors.It can make the right investment judgments and avoid the adverse effects from irrational investment sentiment to market order.