Research On The Effectors Of The Stock Returns Based On Investor Sentiment

Under the macro background of economic globalization and financial liberalization, the securities market is in the profound changes and high-speed development. People’s living standard is improving and growing, and they have more idle funds than before, so how to dispose of idle funds is becoming one of the most important issues. In recent years, the stock market running mechanism and system construction become increasingly specify, residential enthusiasm to invest stock market is rising, stock investment has become an important way for investors. In the stock market, profit and risk coexist, earning profits and avoiding risks have become the most important things in the process of residential investment. And the effecting factors of stock returns affect the investors’ behavior, most of these factors are on finance, stock market situation, etc., but with the deepening of the research, more and more scholars begin to study the effect of investor sentiment on investment returns. Therefore, the study on the influence factors of stock returns based on the perspective of investor sentiment is particularly important.This paper gives a deep research on the influence factors of stock returns around the financial system, stock market and investor sentiment. On the basis of the financial system affect returns, it introduces the complete index system including investor sentiment to study the influence on stock returns, then makes a comparative analysis of the two parts, and attempts to highlight the important influence of investor sentiment on the returns. It chooses manufacturing listed companies as the research objects, firstly it uses partial least squares method to establish financial index model of the impact of stock investment return, and then, it joins the investor sentiment index and uses the structural equation model to establish the comprehensive evaluation index system and establish the influence factors and coefficient that can fully explain the question based on the financial index and investor sentiment. Finally, it compares and analyzes the changes of influence that financial indicators have on stock investment returns after adding investor sentiment, verifies the important influence of investor sentiment on the stock investment income, and puts forward the related suggestions.The theoretical model of stock investment returns in this study is improved, whic h has important theoretical and practical guiding significance for the investment activi ties of individuals and institutions and the development of the securities market.