Based On The Catering Theroy To Research On The Effects Of Investor Sentiment To The Companys' Investment Behavior

Traditional financial theory holds that the prices of stocks can really reflect their actual values since the stock market is completely effective and the market participants are completely rational.However,since the 20 th century,the frequent existence and burst of the stock market bubble have proved the mispricing of stock values,which is defined as “Investor sentiment” by the scholars.In order to better study the effect of the mispricing of stock values on the capital market and the real economy,the related study on the influence of investor sentiment for investment behavior of listed companies has has recieved considering attention in recent years.Existing research results mainly consider the issues: how can the influence of investor sentiment act on the investment behavior or investment level of listed companies,which lack a deep research level.In order to further explore the influence of investor sentiment on the investment behavior of listed companies and enrich the research resul ts on the view of the impact of investor sentiment on the real economy,which aims to provide reference for the investors,listed companies and supervisors,on which this paper is based to conduct a study.This paper first defines the concept of investor sentiment,corporate investment behavior,catering theory and catering investment behavior,state-owned enterprise and non state-owned enterprise and privatization of soe,analyzes the mechanism of investor sentiment affecting the investment behavior.Then puts forward the research hypothesis,and establishes the test model.Finally,a total of 662 A-share listed companies in Shanghai and Shenzhen from 2005 to 2012 were selected as the samples,and the Multiple Regression Approach was used to regress the mo del the empirical tests were carry out for examineing the proposed hypothesis.According to the theoretical analysis and empirical tests,the results show that investor sentiment is positively related to the investment level of the listed companies,and the different ownership structure will adjust the influence of investor sentiment on the investment level of the listed companies.Specifically,the higher the concentration of the ownership,the stronger catering investment tendency of the listed companies.Compared to non-state-owned enterprises,state-owned enterprises have stronger investment tendency and the higher level of privatization will lead to weaker investment tendency of listed companies.The correlation between the investor sentiment and the inv estment efficiency of listed companies is significant.Specifically,Investor sentiment is positive correlation related to overinvestment of listed companies,and is negative correlation related to underinvestment of listed companies.Investor sentiment has two sides of "correction" and "deterioration" for the over investment and underinvestment of listed companies,which may not result in inefficient allocation of resources.In order to ensure the authenticity of the research results,the paper validates t he robustness of the model and obtain the consistent conclusion.The conclusions of the paper provide a reference for investor investment and the governance of listed companies,and a basis for the improvement of regulatory departments.