The Influence Between Investor Sentiment And Enterprises' R&d Investment Efficiency

Behavioral finance theory reveals the investor sentiment influence on stock market prices,stock market prices not only directly related to the interests of ordinary investors,but also related to the interests of the big shareholders and controlling shareholder.However,as a modern corporate system of listed company,its corporate governance tends to show that the separation of the managers and owners,managers often is not the company's shareholders,he is the agent of listed companies,mainly from its interests in the compensation and incentive policies of the board of directors,the determination of compensation and incentive policy is the basic basis on the company's operating performance and efficiency,rather than shares,while the activities of managers is the company's business situation,especially the determinants of operational efficiency.This means that for most of the listed company,stock prices and between managers behavior seems to be no direct interests'relationship.In practice,however,people found that managers' behavior and there is a close relationship between the stock prices,investor sentiment has obvious effects on managers' behavior.How to explain the relative independence of management behavior in theory and practice of the correlation between the contradictions,become a important theoretical and practical problem facing economists.Cater to theory offers a new way to solve this problem and possible solution.Based on this,this venter choose seemingly unrelated,but actually there may be some kind of inner link of the specific issues,namely the investor sentiment and the problem of the relationship between the listed company of new and high technology R&D efficiency,study from the perspective of catering to the channel.Based on relevant research literature on the basis of systematic,with a review of the relevant theories and introduces,the managers of listed companies is mainly discussed in catering to the causes of behavior,the influence mechanism and the transmission path,and combining the characteristics of nature of enterprise and agency cost heterogeneity analysis is proposed in this paper,the research hypothesis,in view of the research hypothesis,we research in Shanghai and Shenzhen during 2010-2015 was identified as high-tech enterprises related to the actual data as sample,using the unbalanced panel data analysis method,has carried on the empirical experience to the corresponding research hypothesis.The analysis results show as follows:(1)Investor sentiment is significant positive correlate with the enterprises' R&D investment.It means that when the investor sentiment is rising high,the enterprise manager will increases their R&D investment.(2)Investor sentiment is significant positive correlate with the non-efficiency part of enterprises' R&D investment.In other words,investor sentiment will reduce the enterprise R&D investment efficiency.(3)Compared to state-owned enterprise,the non-state-owned enterprises is remarkable catering to investor sentiment on R&D investment and significant positive correlate with the non-efficiency of corporate R&D investment on the non-state-owned enterprises.In other words,R&D investment through catering channel on the non-state-owned enterprises has efficient losses.(4)Compared to the low agency cost enterprise,the high agency cost enterprises is remarkable catering to investor sentiment on R&D investment.And investor sentiment is significant positive correlate with the firm's R&D investment non-efficiency on the high agency cost enterprises.In other words,R&D investment through catering channel on the high agency cost enterprises has efficient losses.These results not only to encourage R&D investment and improve the efficiency of R&D investment has realistic reference value,but also enriched the investor sentiment on the efficiency of the enterprise R&D investment and R&D investment research content.