The Influence Of Investor Sentiment On The Investment Of Listed Companies

Because traditional financial theory cannot explain market failures and financial visions,the behavioral finance theory that is closer to the real world has gradually become a hot topic of academic research.Behavioral finance theory believes that economic man is bounded rational,investor sentiment in the capital market will be affected by market fluctuations,the change of mood makes the stock price systematically deviate from its basic value,and further influences the investment behavior and investment efficiency of the listed company through transmission mechanisms such as equity financing channels,rational appeal channels,and optimism mediation channels in management.At the same time,from the perspective of principal-agent theory and resource-based theory,the board of directors,as the supervisor and resource provider of listed companies,can effectively control catering investment behaviorand improve investment efficiency.In addition,as the largest emerging capital market in the world,the proportion of retail investors is high in the type of investors,and the retail investors are at a disadvantage in obtaining and analyzing information.The Chinese capital market is the "natural laboratory" to study investor sentiment.Therefore,this article places the investor sentiment at the company level and the board's capital in the same research framework,discuss the impact of these two variables on the investment behavior and investment efficiency of listed companies,in order to provide theoretical reference and support for the investment decisions and investment efficiency of listed companies.After reviewing the relevant theories of investor sentiment,company investment,and board's capital,this paper presents four questions: First,whether the investor sentiment will affect the investment behavior of the listed company,what is the specific way to generate this effect?Second,whether the board of directors' capital as a corporate governance mechanism will control the influence of investor sentiment on investment behavior? Third,on the whole,how does investor sentiment affect the efficiency of corporate resource allocation,whether it is worsening or correctinginvestment efficiency?Fourth,whether the impact of investor sentiment on enterprise resource allocation efficiency will be moderating by board's capital.In order to solve the above problems,this paper takes the Shanghai and Shenzhen A shares companies from 2009 to 2015 as the research objects,takes the manager rationality and investor irrational as the premise,uses the principal component analysis method to construct the investor sentiment of the enterprise level,and constructs the board's capital from the angle of resource dependence,Dixing Zhu's(2012)and Richardson's(2006)methods are used to measure the investment behavior and investment efficiency of listed companies,afterwards,the following conclusions were obtained from the fixed effect model:(1)In China's capital market,investor sentiment can jointly promote the investment behavior of listed companies through equity financing channels and rational appeal channels.(2)The board's capital can control catered investment behavior.(3)To a certain extent,investor sentiment can not only worsen excessive investment,but also correct the shortage of investment.On the whole,investor sentiment aggravates the inefficiency investment of the listed company.(4)Board's capital can effectively control the intensifying effect of investor sentiment on inefficient investment,the deterioration and correction of investor sentiment will be controlled by board capital.