Research On The Impact Of Investor Sentiment On The Inefficient Investment Of Listed Companies Under Different Capital Structures

Investor sentiment is an important research object in behavioral finance.The issue of corporate capital structure has always been an important topic and field in financial management theory and practice.The significance of this paper is to add the capital structure of enterprises into the precondition of investor sentiment research and analysis,and increase the research mentality of investor sentiment.The practical significance of this paper is to remind the investors of the listed companies to influence the investment decision of the company.This paper first describes the theoretical basis of investor sentiment and capital structure.Secondly,taking the capital structure of different companies as the background,from the perspective of investor sentiment as the starting point of the research,we study its impact on corporate investment decisions.This paper selects 26 stocks from June 2,2015 to June 30,2017,and empirically examines the influence of investor sentiment on the investment decision of listed companies under different capital structure and different term capital structure.The following conclusions are drawn: investor sentiment will have different effects on the investment efficiency of companies with different capital structures.First,the influence of investor sentiment on the company's investment efficiency is different from the companies with different capital attributes.For a highly concentrated company,investor sentiment will aggravate corporate overinvestment.In a decentralized company,investor sentiment has a significant mitigation effect on underinvestment,but has no significant impact on overinvestment.The investor sentiment has no significant influence on the efficiency of the company's investment efficiency.Secondly,the influence of investor sentiment on investment efficiency is different from the company with different capital maturity structure.Investor sentiment has no significant impact on the over investment of different capital maturity structure companies,but for underinvestment,investor sentiment has a significant impact on companies with long-term capital over 50%.