Investor Sentiment,Cash Dividend And Investment Efficiency

In the face of today's complex and changeable economic environment,the state has launched a supply-side reform policy of "cutting overcapacity,de-stocking,de-leveraging,reducing cost and improving weak links".This indicates that China's economic development and trade investment have gradually transformed from quantity growth to quality growth,and that investment has advanced from winning by quantity to efficient and high-quality investment and effective growth in order to achieve the optimal allocation of resources.Investment efficiency is the most important part of investment quality.It is of great significance to study the related research on investment efficiency,which is also the concern of many scholars.It is not optimistic that there are many inefficient investment phenomena in modern enterprises,such as over-investment and under-investment.At present,the total investment scale of domestic enterprises is expanding,but the investment efficiency has not been improved correspondingly,and the profits of enterprises will be affected,which means that the allocation of social resources is not optimal.Therefore,it is very practical and urgent to analyze the inefficiency of enterprise investment.The existing literature focuses more on investor sentiment,cash dividend and investment efficiency.This paper studies the three factors together,trying to provide a reference for Chinese enterprises to formulate cash dividend policy,and provide a new perspective for the study of enterprise investment efficiency,so as to smoothly carry out investment activities and improve investment efficiency,so as to achieve optimal resources.Configuration provides some new inspiration.Based on the data of A-share listed companies in Shanghai and Shenzhen,this paper makes an empirical analysis of 18636 sample data from 2007 to 2017,and studies the effect of investor sentiment on investment efficiency and whether cash dividend has moderating effect in the relationship between them.The results show that investor sentiment is significantly positively correlated with over-investment,investor sentiment is negatively correlated with underinvestment,and the increase of gold dividend will weaken the positive correlation between investor sentiment and over-investment,and will not weaken the negative correlation between investor sentiment and underinvestment.