Research Of Accounting Information's Influence On The Relationship Between Investor Sentiment And Enterprise Investment Efficiency

In 2015,our country's capital market especially stock market experienced unprecedented fluctuations,from thousand shares daily limit to thousand shares hit bottom,which resulted in heavy losses in our capitalist market,as well as massive changes in investor sentiment.Even though various market-saving measures have emerged in an endless stream under the guidance of the government's macro-economic regulation,resource allocation is still flawed with substantial irrationalities.What should investors do? Which path should they choose? As a critical indicator of businesses' operating circumstance and financial situation,accounting information not only reflects a company's past development,affects its resource allocation and capital flow,but also influences investors' investment strategies.High-quality accounting information not only helps investors understand a company's factual information,predict its future development,adjust investors' subjective sentiment,but also functions as an important basis for rational investment and help assists investors in estimating earnings and risks.Therefore,studying accounting information has essential practical significance to understanding the relationship between investor sentiment and business investment efficiency.This thesis incorporates theories of multiple disciplines including traditional finance,behavioral finance,accounting,social psychology,etc.And from the perspective of accounting information examine the relationship between the investor sentiment and business investment efficiency.This thesis comprehensively utilizes multiple research methods covering document reading method,system analysis,regression analysis and principle component analysis,takes empirical research as its main approach,and studies the influence of accounting information on investor sentiment and business investment efficiency.This thesis can be divided into the following six parts: The first part is introduction.This part first elaborates on the research background,purpose and significance of the thesis,then defines relevant concepts,and finally states some possible innovative aspects of the thesis.The second part is literature Review.This part is primarily focused on summarizing relevant literature domestically and aboard.The third part is basic theory analysis.This part mainly illustrates on basic theories such as principle-agent theory,asymmetrical information theory,herd effect,etc.,thus establishing the theoretical background for the thesis.The fourth part is the normative analysis about accounting information investor sentiment and business investment efficiency.This part first analyzes the channels through which investor sentiment influences investment efficiency,and then gives a normative analysis on how the decisive effect of accounting information affects the relationship between the two.The fifth part is empirical analysis.This part use principal component analysis and empirical analysis,and presents in the conclusion that accounting information,through its decisive effect,can affect the relationship between investor sentiment and business investment efficiency,proving that the presence of accounting information can improve business investment efficiency.The sixth part is given recommendations on how to improve the quality of accounting information.And based on the conclusions,this part points out the limitations of the research,as well as the direction of future endeavor.