| Investor sentiment has been paid much more attention by many scholars as the key object of study.Most of them study investor sentiment’ influence on fluctuations of stock price in the capital markets,the company’s assets pricing and the enterprise’investment levels,etc.investor sentiment’ influence on investment efficiency of the enterprise is hot research topic.Most studies suggest that as a result of the existence of external market irrational factors,investor sentiment would lead to enterprise’ stock price volatility,the systemic stock mispricing has a significant influence on investment decisions of listed companies,and it is bound to affect investment efficiency of the enterprise.Using all non-financial A-share companies’ datas from 2010 to 2015 as the research samples,by the investment-investment opportunity sensitivity method and the model of Richardson,based on the debt maturity structure,it tries to empirically analyse investor sentiment’ effect on investment efficiency of listed companies.The study found that:(1)Overall,investor sentiment reduces the enterprise’ investment efficiency;To be specific,investor sentiment deteriorates the excessive investment,while improves the insufficient investment,and deteriorating effect is greater than improving effect.In addition,grouping samples according to the length of the debt maturity,the following results are obtained:(2)When long-term debt ratio of the enterprise is high,investor sentiment can reduce its investment efficiency,and when short-term debt ratio of the enterprise is high,investor sentiment won’t impact on its overall investment efficiency.Richardson model as a supplement method,the results showed that:(3)When enterprises’ long-term debt ratio is high,investor sentiment deepens enterprises’ insufficient investment,thus reducing its investment efficiency;When enterprises’ short-term debt ratio is high,investor sentiment can aggravate the excessive investment of enterprises,while alleviate the insufficient investment of enterprises.This paper combines macroscopic investor sentiment and microscopic debt maturity structure to study investment efficiency of listed companies,thus providing a certain reference for our country’s macroeconomic policy makers,so they can objectively and accurately grasp the actual situation of market investment efficiency in our country,and then work out effective economic measures;In addition,it also helps Chinese financial market regulators to make better regulation for the investment subject in China,and promote sound development of capital market in China. |
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