The Research On Investor Sentiment,the Nature Of Property Rights And Corporate Investment Behavior

A lot of scholars and experts have done many researches on corporate investment behavior,but most of the researches were based on the efficient market hypothesis.However,many strange investment phenomenon exist recently that lead to “rational man” hypothesis not always correct.Fortunately,behavioral finance can explain those problems.This paper mainly studies the relationship between investor sentiment and corporate investment,especially from the aspects of the mechanism process and economic consequences.This paper selects financial data of A-share listed companies in 2006-2013 years as sample.The paper mainly analyzes two aspects: the research of influence mechanism and corporate investment efficiency.Firstly,we study the channel of equity financing between investor sentiment and corporate investment with the Euler Equation and FHP model.Secondly,we study whether the difference in ownership can bring different intensity in the ease ability of financing.Thirdly,we discuss the relationship between investor sentiment and investment efficiency.Fourthly,we analyze the difference that how the investor sentiment impact investment efficiency between different ownerships.We draw the following conclusions:(1)Over-optimistic sentiments of investors can reduce financing constrains and then lower investment-cash flow sensitivities.(2)The private enterprises are most sensitive to capture the high investor sentiment to reduce investment-cash flow sensitivity.(3)The investment-cash flow sensitivity may not significantly reduce with the emotion rising in the state-owned companies.(4)The rising investor sentiment will deteriorate excessive investment,but for the lack of investment group,the influence may perform not significant.(5)For over-investment groups,private companies are more sensitive to investor sentiment;but for under-investment groups,the differences of investor sentiment affecting corporate investment between state-owned or private companies are not very obvious.We not only study the mechanism of investor sentiment and corporate investment,but also the economic effects consequences.The article research involves the field of psychology and the investment and financing field.In the measurement level,the use of one-step system GMM method may reflect a great performance of innovation.