| In recent years,a large number of abnormal phenomena,such as stock reversal effect,have emerged in the capital market,which can not be explained by traditional financial theories.In this case,behavioral finance,which considers that "people are irrational" and "market arbitrage is incomplete",emerges as the times require.Investor irrationality and limited market arbitrage will lead to stock price deviating from its real value.As an important part of enterprise investment activities,R&D investment has gradually become a hot spot in the stock market under the encouragement of a series of preferential policies issued by the government.R&D activities have the characteristics of high risk,long recovery cycle and low information transparency,which often affect investors' valuation expectations.Enterprise R&D investment decision-making will not only be affected by investor sentiment in the external market environment,but also by internal governance mechanisms such as incentive and restraint mechanisms.As one of the incentive mechanisms to solve the agency problem between executives and shareholders,equity incentive is beneficial for executives and companies to share benefits and risks,but at the same time,executive compensation is highly related to the company's stock price,which may lead to Executives' short-term behavior to seek their own interests to promote short-term stock prices.On the other hand,the function of the board of directors is to supervise and check the implementation plan put forward by the management so as to ensure that the company can run on a good track.The independence of the board of directors is an important judgment of whether its supervisory function can be effectively exerted.Based on the above background,from the perspective of corporate behavioral finance,this paper first analyses whether and how investor sentiment affects corporate R&D investment from the perspective of "investor's incomplete rationality while manager's rationality";secondly,it explores the impact of executive equity incentive and its different characteristics on investor sentiment and the relationship between corporate R&D investment;finally,it examines the impact of board independence on investor sentiment.The moderating role of the relationship between research and development investment of enterprises.This paper takes the A-share listed companies in Shanghai and Shenzhen stock markets of China from 2013 to 2017 as the research sample,uses OLS regression method to carry out statistical analysis,tests the hypothesis and interprets the regression results.In order to ensure the robustness of the results,this paper also conducts two robustness tests,one is to replace the key variables of investor sentiment measurement,the other is to expand the sample observation period to 2010-2017.Through empirical research,this paper draws the following conclusions:(1)Investor sentiment has a significant positive impact on R&D investment of enterprises through catering channels;(2)Compared with enterprises without equity incentive plan,the positive impact of investor sentiment on R&D investment of enterprises with equity incentive plan is greater;(3)The stronger the equity incentive intensity of executives,the greater the investment.The positive impact of investor sentiment on R&D investment of enterprises is greater;(4)Compared with the enterprises with stock option incentive,the positive impact of investor sentiment on R&D investment of enterprises with restrictive stock incentive is greater;(5)Compared with the enterprises with separation of two jobs,the positive impact of investor sentiment on R&D investment of enterprises with integration of two jobs is greater. |
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