Research On Investor Sentiment Affect Investment Behavior Of Small Plates Corporate

In the classic corporate finance, the focus is the enterprise’s internal environment to study its impact on internal agency problems arising from investment decisions. However, compared to the traditional theory, behavioral corporate finance theory and reality is more approach, it is more concerned about the external environment of enterprises, the main research is in the market is not entirely valid, investor sentiment has brought to the company’s listed investment behavior affected. In the real capital markets, irrational investor sentiment is the long-standing, especially in the stock market to a larger turbulent period, is to become the leading force in the market.More than30years of reform and opening up, the strong momentum of development of SMEs, to promote China’s economic development has made a great contribution, but gradually became a major force in promoting re-employment. In a related corporate governance issues, the importance of investment in research about corporate self-evident, as our small plates listed enterprises to grow and increasing future cash flows of the major internal motivation, will directly affect the investment behavior of small plates the company’s future operations and profit levels. Given the immaturity of the Chinese market, the investment behavior of small and medium enterprise board is bound to be affected to some extent irrational stock market investor sentiment, in this context, the study of the stock market and investor sentiment of small plates listed investment companies the relationship between the behavior of decision-making, in order to further regulate our small board listed company investment behavior provides an important theoretical and practical basis to guide the healthy development of small and medium enterprise board.This paper theoretically expounds the cause of capital market investor sentiment, and several common forms and the measure has carried on the detailed introduction, at the same time for this kind of emotional factors affect the listed companies to invest in three channels also makes a detailed theoretical analysis, and then puts forward three hypotheses, use our country small and medium-sized enterprises board data from2009-2012, selected annual momentum indicators (MTM) to measure investor sentiment on the market, the researches of the predecessors, reference to establish a reasonable model, empirically the investor sentiment influence on small business investment level. In addition, on the basis of reference Richardson model, build estimate listed companies lack of investment and investment model of excessive extraction of the results of regression residual, greater than zero residual said excessive investment, the absolute value of less than zero residual said the lack of investment. Then build a reasonable model, the empirical test of investor sentiment and corporate investment shortage and the relationship between the excessive investment. According to the empirical results, the following conclusions:(1)the investor sentiment and the investment level of small and medium-sized board listed companies are related. When investors generally optimistic about the market, small and medium-sized board listed companies will intensify investment; And the market investors generally pessimistic, small and medium-sized board listed companies tend to reduce investment.(2)the investor sentiment and the inadequate investment of small and medium-sized board listed companies phenomenon is negative correlation, and small and medium-sized board listed companies over-investment phenomenon are related. Rising investor sentiment will increase investment in the listed companies, as a result, the phenomenon of excessive investment will be worsening, and the phenomenon of inadequate investment will ease; Low investor sentiment will lead to reduced investment, listed company at this time the phenomenon of excessive investment will be eased, while the phenomenon of lack of investment will deteriorate further.Finally, the paper from the market investors, listed companies and the level of relevant government departments are proposed:first, investors should strengthen related knowledge learning, summarizing the practical experience of investment constantly, improve their quality of investment and the recognition of information ability. Also, don’t blindly focus on short-term benefits, want to put more attention to the fundamental value of listed companies and the industry’s future development prospects, to focus on the overall trend in the development of national economy, the national policy support related industries also want to give a certain degree of attention, make oneself can more rational to carry out investment activities. Second, small and medium-sized boards of listed companies should consider the real condition of the company’s internal, more determined to enhance the market competitiveness of listed companies as well as the realization of enterprise capital appreciation as the ultimate goal for a long time, more conducive to enterprise development. For enterprise’s investment activities. At the same time also to improve the enterprise’s internal governance structure, explore a more effective incentive system is suitable for the enterprise. Third, the relevant government departments should according to the real-time situation of the capital market, some reasonable and effective measures are taken, for investors and listed companies to build a healthy and orderly market environment for investment, both is advantageous to the investor’s personal interests, but also to the long-term development of listed companies.