The Impact Of Investor Sentiment On Corporate R&D Investment Efficiency

Enterprise investment decisions are closely related to human subjective will and changes in the external environment.One of the traditional economic assumptions is based on rational expectations theory.Since the end of the 20 th century,behavioral finance theory has gradually risen.Scholars choose to relax the "rational person hypothesis".An important finding of related research is that the irrational sentiment of investors will lead to stock pricing errors in the capital market.The study also found that corporate executives were optimistic and analyzed the impact of this limited rational behavior on corporate investment decisions.Therefore,it is particularly important to integrate the two into the same research framework.Existing literature either discusses the direct impact of investor sentiment on the level of corporate investment,or discusses the impact of optimistic and irrational psychological characteristics of managers on corporate investment decisions,lacking the behavior of investors and corporate managers.Combined with psychological factors,this paper analyzes the common research that affects the efficiency of R&D investment.To this end,this article from the perspective of investors and managers,explores whether managers’ optimistic psychological characteristics will play a mediating role between investor sentiment and corporate R&D investment efficiency.This will provide references for macro regulatory authorities and micro-enterprises.This article selects China’s A-share SME listed companies from 2012 to 2017 as the research sample.First,the research question is raised,that is whether manager optimism plays an intermediary role in the mechanism that investor sentiment affects corporate R&D investment efficiency.Second,related literature on investor sentiment and R&D investment efficiency,and optimism for domestic and foreign managers.The status quo of research in China is summarized and summarized,and its logical connection and insufficient research are summarized.Through targeted analysis,relevant theoretical results are obtained.Research hypotheses need to be established on the basis of the entire research process;finally,comb and explain relevant research variables,and build models,and use empirical tests such as statistical analysis,regression analysis,and robustness tests to verify the validity of the research hypotheses.The research conclusions are as follows: first,there is a clear positive correlation between corporate R&D investment efficiency and investor sentiment;second,management optimism is positively affected by investor sentiment;third,management optimism affects R&D investment efficiency In the process,it can play a significant positive correlation and part of the mediating effect,that is,investor sentiment can affect the R&D investment activities of the enterprise to a certain extent by promoting the limited rationality of optimism of the manager.