Research On The Relationship Between Investor Confidence And Enterprise Value In Manufacturing Listed Companies

Investors' confidence in the stock market is a key factor for the development of the external market,and it is an important force to promote the high-quality development of the real economy.Manufacturing,as the core of the real economy,plays a key role in the high quality development of the economy,while the manufacturing industry has not achieved the expected benefits in recent years.In 2014,China and Germany launched the "industry 4.0"cooperation.The state council deepened the vat reform in 2018,and the industry tax rate was lowered from 17%to 16%,aiming to transform our country into an industrial power.How investor confidence fluctuates will affect the development of manufacturing industry and how to improve the confidence of market investors is an urgent problem to be solved.Capital structure decision company financing costs,affect the investment income,China's manufacturing asset-liability ratio is low and the structure is unreasonable.In recent years,investor sentiment and financing mode selection of related research,shows that investor confidence has aroused scholars concern,but the related research is still relatively scarce.Manufacturing listed companies investor confidence,therefore,whether there is any influence on capital structure,capital structure whether investors' confidence as intermediary variable for the role of enterprise value,these problems remains to be studied.In order to promote the smooth transformation and upgrading of manufacturing industry,based on the deep Shanghai,two cities a-share manufacturing listed companies as research samples,in the perspective of investor confidence,build the "investor confidence,capital structure,enterprise value" research framework,research on the enterprise value investors'confidence,the influence mechanism,in order to set up a relationship between the two bridges,rich external market impact on the enterprise value theory,promote the improvement of the external market development.On variable measure,choose price-to-book,annual turnover rate,institutional ownership,shareholder number changes and current changes such as index by principal component analysis(pca)build up investor confidence measure index,selecting asset-liability ratio index to measure the capital structure,net assets yield index to measure the enterprise value.The empirical results are consistent with the hypothesis put forward in this paper:the higher the confidence of the listed investors in the manufacturing industry,the greater the enterprise value;The higher the asset-liability ratio,the smaller the enterprise value.The stronger investor confidence,the lower the asset-liability ratio;Investor confidence has an indirect effect on corporate value through asset-liability ratio.The research results and the actual situation are analyzed,and improvement Suggestions are proposed from the perspectives of the government,the securities market and the manufacturing industry itself.Strengthening the guidance of securities market and education function;We will enhance the strength of manufacturing enterprises.