The Impact Of Investor Sentiment On The Enterprise Investment Efficiency

With the development of supply-side structural reform,how to improve the enterprise investment efficiency and give full play to the key role of enterprise investment in the supply structure has become an urgent problem.The enterprise investment efficiency is affected by a variety of factors.With the gradual improvement of the securities market,the connection between real economy and virtual economy has become more and more closer,the impact of investor sentiment on the enterprise investment efficiency is increasing in the capital market.In the market,whether state-owned enterprises or non-state-owned enterprises are faced with different levels of financing constraints,which restrict the investment activities of enterprises.So,in the complex market environment,the enterprise investment efficiency is affected by investor sentiment and financing constraints.In the existing literature on the relationship between investor sentiment and the enterprise investment efficiency,there are few reaches study the impact of investor sentiment on the enterprise investment efficiency combinate with the financing constraints.Based on the actual situation of our country,this paper reaches the relationship between investor sentiment and enterprise investment efficiency,and further verifies the moderating effect of financing constraint on the relationship.Firstly,this paper combing relate literature and define key concepts.Through theoretical analysis,it is concluded that investor sentiment will influence the enterprise investment efficiency from equity financing channel,debt financing channel,rational catering channel and manager optimism channel.By influencing these four channels,the financing constraints have a regulatory effect on the relationship.Secondly,in order to analysis the impact of investor emotion on enterprise investment efficiency,this paper select Shanghai and Shenzhen stock market from 2013 to 2017 all A-share listed companies as research samples,using binary logit regression as alternative indicators of the financing constraints,measuring the enterprise investment efficiency by Richardson residual model and constructing the comprehensive substitute index of investor sentiment with semi-annual momentum index,exchange rate and trading volume.Finally,the property rights are grouped to study the impact of property rights on the relationship between investor sentiment and enterprise investment efficiency.This paper draws the following conclusions:(1)Investor sentiment has a corrective effect on underinvestment;Investor sentiment has a worsening effect on overinvestment.On the whole,investor sentiment reduces the efficiency of corporate investment.(2)Financing constraints have a regulatory effect on the relationship between investor sentiment and insufficient investment,that is,financing constraints can strengthen the correction effect of investor sentiment on insufficient investment;Financing constraints have no regulatory effect on the relationship between investor sentiment and over-investment.(3)Compared with state-owned enterprises,non-state-owned enterprises are more sensitive to investor sentiment.In the end,based on the research conclusion of this paper,we put forward policy suggestions which in order to reduce the adverse effects of investor sentiment and improve the financing environment of Chinese enterprises.The innovations point of this paper are as follows: From the new perspective,combining the financing constraints to study the impact of investor sentiment on the investment efficiency of enterprises;Studying the property right by group which provides the theoretical basis for improving the investment efficiency of private enterprises;The total effect of investor sentiment on investment efficiency is measured by investment bias degree,which supplements the existing research.