Research On The Moderating And Mediating Effect Between Investor Attention And Company Value

When investors pay special attention to some listed companies,they will often search relevant information on the Internet,and add them in the stock folder for continuous attention,so that the attention of these companies rise.The investment behavior generated by continuous attention will lead to the change of the company's value rate in the same direction.When the shareholding status of institutional investors or growth level changes,investors' judgment on the investment value of these stocks will change,and the relationship between attention and companies value will also change accordingly.In this regard,this paper takes China's capital market as the research object,studies the relationship between the rate of change of investor attention and the rate of change of company value,the moderating and mediating variables that have an impact on the relationship between them,and their timing characteristics.It is expected that the study of this paper can guide investors to make rational investment,to provide a positive impetus for the theoretical research and stable development of the capital market.This paper starts with the study of the relationship between limited attention and stock price by domestic and foreign scholars,and studies it by theoretical demonstration and empirical test.In addition,the change rate of 1360 A-share listed companies index in four quarters was selected,the change rate of shareholding ratio per household,total days of listing,change rate of growth level were used as moderating variables and the rate of turnover as mediating variables to explore the factors affecting of relationship between investor attention and company value.At the same time,the time selection of explanatory variables and the sample of explained variables were changed to explore the timing characteristics of the impact change rate of investor attention on the change rate of company value,and the lag adjustment effect the change rate of growth level on the relationship between them.The results of empirical research show that the change rate of shareholding ratio per household has a positive impact on the relationship between the change rate of investor attention and the change rate of company value.The total number of days of listing has a negative impact on the relationship between the change rate of investor attention and the change rate of company value.The change rate of growth level has a negative impact on the relationship between the change rate of investor concern and the change rate of company value.Turnover rate is the mediating variable between the change rate of investors' attention and the change rate of corporate value.The relationship between investor attention and the change rate of company value has a temporal feature.According to the research on the relationship between investor attention and company value,investors can predict the change of company value according to thchange of attention.When institutional investors enter or exit the market in large Numbers,the company's value changes will be very obviously.In addition,investors should judge the influence degree of attention based on the turnover rate,listing duration,geographical location and other comprehensive factors.Finally,investors' attention should be paid to the lagged impact of attention on company value,and the current growth level will have a lagged impact on the relationship between attention and company value.Through the above methods,investors can improve their rational investment level and risk forecasting ability,find a reasonable time to enter the market,and promote the orderly development of the capital market.