| If a listed company wants to develop steadily and be in a favorable position in the competition,it should carefully make various decisions in its development planning,and especially need to pay attention to the issue of company investment choices.Because the company invests appropriately and effectively can bring capital benefits to the company and win in the fierce competition.However,if the company has over-investment or under-investment problems in the investment process,it will bring various risks to the company to a certain extent,such as operating risks and financial risks,which is not conducive to the allocation of the company’s limited economic resources,and will affect the company’s future Great development in the market.Based on the necessity and importance of corporate investment issues,the theoretical analysis of the investment level of listed companies should be constantly updated.In real economic activities,because investors and management of listed companies have different personality traits,different employment companies,different sources of information,and understanding of the economic environment,they often have larger differences when they m ake decisions That is,even if there is a cognitive bias,the related investment decisions made are often irrational.So this article mainly explores the contagious effects of investor sentiment,manager’s overconfidence and the investment level of listed companies.In the first part of this paper,the concepts of investor sentiment,manager’s overconfidence,and investment level of listed companies are put forward.Analysis;the last part is to select the relevant data of 242 Shanghai and Shenzhen A-share listed companies from 2014 to 2018,and use the principal component analysis method that excludes the influence of macro factors to measure investor sentiment,and the manager’s stock change method to measure m anagers under given conditions.Overconfidence and Richardson(2006)investment expectation model measures the investment level of listed companies.Based on this,the intermediary effect test is used to explore the important role of investor sentiment in influencing the investment level of listed companies when managers’ overconfidence is used as an intermediary variable.The development of behavioral finance theory breaks the shackles of traditional theory research and provides a theoretical basis for the development of corporate finance.This article is based on the innovative research perspective of behavioral finance.It differs from previous studies in that it clarifies the infection between the three factors:investor sentiment,managers’overconfidence,and the investment level of listed companies.The path and research process are very different from those of previous scholars.Correctly recognizing the effects of investor sentiment and managers’ overconfidence on the company’s investment level can reduce the company’s possible operating efficiency and financial risks,and realize the company’s healthy development. |
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