The Study Of Investor Sentiment And Behavior Of Listed Companies

With the continuous progress and development of corporate finance,experts and scholars begin to conduct in-depth research on behavioral finance and behavioral finance.Because of the abnormal changes of stock price in the stock market,the abnormal fluctuation is usually considered to be affected by the investor sentiment in the market.Investor sentiment refers to the irrational behavior of investors in the securities market.The academia did some researchfor the investment behavior of investor sentiment affects the company and listed company stock price,the investor sentiment will affect the study on corporate investment efficiency is one of the few.Changes in the stock price for listed companies,will not only affect the company's investment and financing decisions,and even for the normal operation of a company is also very obvious.For the study of investor sentiment how to affect the listed companies investment changes,in order to provide some empirical experience and investment decision for the listed company,based on the theory of effective behavior,investor sentiment analysis;and also verify that investor sentiment can affect investment behavior and financing policy of listed companies,hoping to improve based on listed companies on the value of rational improvement of investment and financing decision of listed companies.In order to promote the normal and stable development of the listed companies in the securities market,and reduce the adverse effects of irrational behavior on the listed companies and the securities market.China's securities market due to a late start,although after 30 years of reform and the construction of a modern economy,but as a result of a large number of individual securities market participants lack their own professional quality,on the other hand,the regulatory system is not strictly caused by institutional investors illegal operations and other reasons,China's securities market often appear non rational investment behavior the so many large-scale decrease skyrocketing situation.In order to investigate the irrational investment behavior of investors,the investor sentiment index is established,and the influence of investor sentiment on the investment behavior of Listed Companies in China is examined.On the background and study aim in the above discussion,the article on the basis combined with the investor sentiment and corporate investment behavior research theory demerit,analyzing the mechanism of the influence of investor sentiment on the investment behavior of listed companies equity channels and cater to the channel;use agency certain variables,using principal component analysis,construct a investor sentiment index;finally construct investor sentiment indicators to analyze the behavior of Listed Companies in china.The main contents:analysis of two impact is a test of investor sentiment and investment behavior of listed companies were respectively to test with different characteristics of the listed company;the two is to test whether there is a correlation between investor sentiment and investment efficiency of listed companies.Through empirical analysis fournd that there is a positive correlation between investor sentiment and investment behavior of listed companies,and also found that the influence of investment behavior with different characteristics of the listed companies by the investor sentiment is not the same,also obtained the conclusion there is a positive correlation between the lack of investment in listed companies and investor sentiment between.