The Influence Of Investor Sentiment On The Investment Efficiency Of Strategic Emerging Industry Companies

In recent years,some domestic industries have experienced overcapacity,redundant construction and insufficient innovation.Therefore,my country’s industrial structure urgently needs to be reformed and upgraded.Since the "Twelfth Five-Year Plan",my country has indeed established the leading role of strategic emerging industries in economic development.However,during the "13th Five-Year Plan" period,the scale growth rate of strategic emerging industries has been decreasing year by year.This paper studies the investment efficiency of strategic emerging industry companies from the perspective of behavioral finance theory.On this basis,further explore the final impact of investor sentiment on investment efficiency.In this paper,the principal component analysis method is used to select the proxy emotion variable to construct the emotion index.In view of the heavy losses of my country’s A-share market in 2015,in order to avoid the impact of violent fluctuations in sample data on the results,this paper selects the data of listed companies in strategic emerging industries from 2015 to 2020 to establish a panel model.This paper firstly uses the fixed effect model to test the two influencing mechanisms of equity financing channel and catered channel.Secondly,we discuss whether there is asymmetry in the effect of investor sentiment on corporate investment efficiency from the perspectives of property rights heterogeneity and location economic heterogeneity.Then,from the perspective of stock price sentiment sensitivity,this paper further studies whether investor sentiment may weaken the sensitivity between investment efficiency and corporate valuation.Finally,combined with the characteristics of my country’s strategic emerging industry companies’ preference for R&D investment,this paper builds a dynamic panel model to further study the impact of investor sentiment can interfere with investment efficiency on corporate valuations.Finally,this paper draws the following conclusions: First,companies with higher reliance on equity financing have a more significant impact of investment sentiment on corporate investment efficiency.Second,investor sentiment has a negative impact on the investment efficiency of strategic emerging industry companies.Third,the influence of investor sentiment on enterprise investment efficiency has property heterogeneity,and non-state-owned enterprises are more affected by investment sentiment.Fourth,high investor sentiment has a greater impact on the investment efficiency of companies in economically developed regions,while low investor sentiment has a greater impact on the investment efficiency of companies in less developed regions.Fifth,investor sentiment will weaken the sensitivity of corporate investment efficiency to corporate valuation.Sixth,excessive investment caused by high investor sentiment will reduce the value of strategic emerging industry companies.