| The buoyant or depressed investor sentiment not only makes the stock price diverge from its intrinsic value,but also affects the investment behavior of enterprises;the stock price will rise and fall dramatically after deviating from the embedded value,and the excessive investment of the corporations will also increase the possibility of stock market crash in the future.Whether investor sentiment is positively affecting the risk of future stock market crash,and what role does the companies’ over-investment play in this process? It’s becoming a question worth considering.This study takes the A-share listed companies before 2004 as a sample,and uses the research interval from 2006 to 2018.The recursive model is used to examine the mechanism of investor sentiment impacting on the stock price collapse risk,from the perspective of the intermediary effect about enterprises’ over-investment.The results illustrate that:(1)Investor sentiment is positively correlated with stock price crash risk.The higher the investor sentiment,the greater the risk of the stock price crash in the future.(2)The level of over-investment of enterprises plays a partial intermediary role in the transmission process from investor sentiment to stock price risk.The higher the investor sentiment,the higher the level of over-investment,and the greater the risk of future stock price crash.The conclusions of this paper enrich the research on investor sentiment,stock price collapse risk and corporations’ investment,which has practical guiding significance on how to lead investors’ rational investment,restrain the overheated investment of the real economy,reduce the risk of stock price crash and promote the healthy development of financial market. |
