Analysis Of The Impact Of Investor Sentiment On The Investment Behavior Of Listed Companies

With the rise of behavioral finance,how asset prices fluctuate affect the real economy once again become the focus of new research.Because the traditional financial theory presupposed by "rational economic man" and "market effectiveness"can not explain the "financial vision" in the capital market,the two assumptions of traditional financial theory are questioned.Scholars have gradually relaxed the hypothesis of traditional financial theory,and further studied the influence of stock price fluctuation on the investment behavior of listed companies under the framework of investors' irrationality and managerial rationality.Based on the existing research,this paper further relaxes the assumptions,divides investors 'irrationality and manager irrationality into the same frame,and analyzes how investors' emotions affect the investment behavior of listed companies from the perspective of behavioral finance.First of all,through the establishment of theoretical model,from the two aspects of investment decision-making and investment efficiency analysis of investor sentiment on the impact of listed companies investment behavior,further analysis of the property rights in different nature of the differences exist in the company,and use China's capital market 2007-2015 data were tested empirically.Secondly,from the perspective of micro-mechanism,the transmission path of the above-mentioned influence is studied,and the irrational mechanism is proposed and tested on the basis of rational mechanism,and the specific transmission mechanism among different property rights companies is further studied.Finally,according to the research contents and conclusions of this paper,the policy suggestions are put forward from the investors,listed companies and regulators.The conclusions of this paper are as follows:1.Investor sentiment is positively related to the size of the listed company's investment.Investor sentiment will increase the scale of investment in listed companies,investor sentiment to reduce the decline in the size of listed companies.2.Investor sentiment is positively related to over-investment and negatively related to underinvestment.Investors will lead to high prices of listed companies over-investment,investor sentiment will lead to low investment in listed companies.3.Compared with state-owned enterprises,the investment scale and investment efficiency of private enterprises are more affected by investor sentiment.4.Investor emotions can affect the investment behavior of listed companies through equity financing mechanism and rational management mechanism,and can also influence the investment behavior of listed companies through managerial confidence mechanism.5.The influence of investor sentiment on the investment behavior of state-owned enterprises mainly through equity financing mechanism,the impact on private enterprises through the manager's confidence mechanism,but also through the rational to meet the mechanism.