Government Intervention,Investor Sentiment And Enterprise Investment Decision

Traditionally,the issues discussed in finance are based on two basic assumptions:market effectiveness and "rational economic man".But in recent years,there have been many anomalies in the capital market which cannot be explained by the theory of traditional finance.In this case,experts and scholars began to question the explanatory power of traditional finance,and tried to join the factors of psychology and behavioral science beyond finance,thus creating a new interdisciplinary named behavioral finance.At the same time,different from the hypothesis of the "rational person" in the traditional finance theory,people may produce the difference between the individuals because of the deviation of cognition,which means that people are not always rational.Therefore,the cognitive factors that cause people's irrational state are added into the theory of finance,which can not only study the capital market more scientifically and objectively,but also contribute to the development and perfection of the theory of finance.The company's behavioral finance and investor sentiment included in this paper belong to the category of behavioral finance.Both are research on the influence of irrational factors on them,but the former is to study the investment and operation of companies and investment decisions,while the latter is biased towards the value of stocks in the capital market.But on the whole,there is still some interaction between the two,the change of the company's investment will cause the stock market's value change,thus affecting the investor sentiment;It will also lead to changes in corporate investment decisions by influencing the company's economic structure or the confidence of managers.This paper explains the problem from the perspective of behavioral finance,the theory of cognitive dissonance and the theory of emotion cognition constitute the theoretical foundation of this paper,under the above conditions,this paper embeds the government intervention factor in the background of Chinese stock market,and studies whether the government intervention has a mediating effect on the investment behavior of the investors.If so,through which channels.The framework of this article is as follows:first of all,the introduction part of this article on the background of the creation of a simple introduction;then,in the literature review,this paper introduces some relevant research results of experts and scholars in various fields,such as investor sentiment,listed company investment and government intervention.Then,this article elaborated with the investor sentiment,Some theoretical support related to the investment of listed companies and government intervention;Next,this article broke the conventional enterprise managers always rational assumption,from the Enterprise Manager is not completely rational angle,In the process of influencing the investment decision of the listed companies through the intermediary effect of the Government's intervention,the author analyzes the moderating effect of the system factors from the cognitive dissonance theory and the Emotion Cognition evaluation theory,and then puts forward the test hypothesis and establishes the regression model,Taking China's a-share listed companies as research samples,taking the time span of the sample from 2009 to 2016 after the global financial crisis,taking the momentum index of a-share listed stock as the investor sentiment of each company,choosing the proportion of executive stock as the index to measure the control of company management,Taking managers ' confidence as an intermediary variable,which is the influence of investor sentiment on company investment,is the index of government intervention.In addition,a series of control variables are selected,such as the nature of the above-mentioned enterprises,net operating cash flow at the beginning of the period,and the proportion of male executives.At the same time,in order to prevent the results from inverting and stick,all the indicators are semi-annual;then,after eliminating the abnormal value of the above data,the empirical test and analysis are carried out to get the influence of investor sentiment on the investment decision of the listed company,and the main conclusion that the influence will be adjusted by the system background of government intervention,Finally,the robustness of this main conclusion is tested.The contribution of this article is as follows for enterprises,the understanding of investor sentiment will have an impact on corporate capital investment,but also recognize that the impact of government intervention will have a moderating effect,through the company's governance structure and business model adjustment to meet the government,reduce the company's investment exposure to the impact of investor sentiment,So as to realize the maximization of benefits.For the relevant government departments,to recognize the important impact of investor sentiment,timely launch of the right response policy to reduce the investor sentiment on small and medium-sized investors and business investment,and ultimately enhance the effectiveness of the stock market.