The Research Of The Investor Sentiment And The Business Investment Behavior

Under the framework of the research of the standard finance, it is assumed that the person is rational and the market is effective. The standard finance can not show any influence of the investor sentiment to the business investment behavior and the securities market, under the hypothesis of the rational person, people discuss and study the business investment behavior, so it appears many market vision. With the appearance and the development of the behavioral finance, people find that the existence of the investor sentiment; the investor sentiment will affect the business investment behavior and the securities market. Developing the research of the investor sentiment is helpful to understanding the investment behavior in the finance market and the development situation of the securities market.The article tries to study the investor sentiment firstly, and then discuss the relationship between the investor sentiment and the business investment behavior further. At the first, it analyze the investor sentiment theory, it include that the analysis of the causes of the investor sentiment and how the investor sentiment showing, it mainly discuses that how to measure the investor sentiment and how to express the change of the investor sentiment in the latter research. All of the analysis is helpful to the research of the relationship between the both. Then the article discuses the mechanism of the investor sentiment to the business investment behavior, it also means that how the investor sentiment acting on the business investment behavior. In order to make the argumentation of the paper more persuasive, the paper adapt the relatively new closed-end fund data to calculate the closed-end fund discount, the closed-end fund discount represents the change of the investor sentiment and select the manufacturing listed companies'balance sheet to study the change of the business investment behavior. It obtains the following result: when the closed-end fund discount become large, the investor sentiment depressed, the business investment will reduce; when the closed-end fund discount become narrow, the investor sentiment active, the business investment will increase.Although under the framework of the behavioral finance, the paper research the relationship of the investor sentiment and the business investment behavior from the angle of the investor sentiment, it also find many problems that is worth to discuss in-depth, all of these is the direction of the future research.