Research On The Influence Of Investor Sentiment On Enterprise Innovation Investment

In todays increasingly fierce market competition,innovation is gradually becoming the driving force for enterprises to maintain high-quality development.It is a key factor for enterprises to maintain their own moat.In the post-epidemic era,the importance of enterprise innovation is becoming more and more prominent.Therefore,in the current environment,it is urgent and important to study the factors that stimulate enterprise innovation.By studying the emotional information expressed by investors on the stock bar platform,this paper explores whether the sentiments of small and medium investors conveyed by stock bar text data will have an impact on corporate innovation investment.In addition,this paper incorporates corporate managers and institutional investors into the research framework to verify the role of the two in the impact of investor sentiment on corporate innovation investment,and to help corporate management make more reasonable decisions related to corporate innovation and R&D.It provides some reference with the healthy development of the capital market.This paper selects the data of all A-share listed companies in 15 quarters from2018Q1 to 2021Q3 to conduct empirical research on three aspects.The first is the relationship between investor sentiment and corporate innovation investment;the second is the impact of managers overconfidence on corporate innovation investment and its role in the impact of investor sentiment on corporate innovation investment;the third is to explore institutional investment The role of investors in the impact of small and medium investor sentiment on corporate innovation investment.First of all,this paper selects the text data of all A-share listed companies in the CSMAR database from 2018Q1 to 2021Q3,and constructs the investor sentiment index of each stock with reference to the method of Antweiler et al.(2004),and selects nearly 70 million posts.,of which the number of positive posts representing bullish sentiment is 26,448,889,the number of neutral posts is 6,859,970,and the number of negative posts representing bearish sentiment is 35,675,010.When studying the impact of investor sentiment on corporate innovation investment,this paper first uses a fixed-effect model to test the relationship between investor sentiment and corporate innovation investment in different lag periods.Innovation investment,and from the observation of the data construction indicators in this paper,the impact of investor sentiment on corporate innovation investment has a lag of two quarters.In the study of the role of managers overconfidence in investor sentiment in corporate innovation investment,the study found that corporate managers are not completely rational,they have overconfidence behavior,and managers current emotional psychology to some extent It will promote the innovation investment of enterprises,and this kind of psychology will strengthen the positive effect of investor sentiment on the innovation investment of enterprises.Empirical results show that for overconfident managers,they are more likely to overestimate their abilities,underestimate the risks and uncertainties of projects,and choose to increase their innovation investment.In addition,overconfident managers will strengthen the influence of investor sentiment on corporate innovation investment,which plays a certain moderating role in the impact of investor sentiment on corporate innovation investment,and managerial overconfidence is a kind of managerial emotion.Response may play a partial mediating role in the transmission path of investor sentiment affecting corporate innovation investment.When studying the role of institutional investors in the process of investor sentiment affecting corporate innovation investment,the study found that institutional investors represented by funds played a partial intermediary role,that is,the emotions of medium and small investors in stock bars will affect funds through Shareholding ratio to influence corporate innovation investment.The empirical results show that there is emotional infection between small and medium investors and institutional investors,and the emotions of small and medium investors reflected in the stock bar will affect the behavior of institutional investors.The shareholding ratio of institutional investors represented by funds will also increase,and individual investor sentiment will promote corporate innovation investment through the increase in the shareholding ratio of funds.Institutional investors play a certain role in supervision.Finally,combined with the conclusions obtained from the study,this paper considers the current situation of enterprises and capital markets in my country,and puts forward corresponding suggestions from the perspectives of small and medium investors,listed companies and relevant government departments.