Research On The Impact Of Investor Sentiment On Listed Company Inefficient Investment

In face of the downward pressure of the economy,the CPC Central Committee put forward the strategy of strengthening the real economy.As the pillar of the real economy,listed companies play an important role in high-quality economic development.The number of individual investors is increasing year by year,and the irrational trading behavior caused by investors’ irrational emotion in the stock market is increasing.Investor sentiment has a greater and greater influence on the stock market,which leads to inefficient investment of listed companies through a variety of influence channels.Under the current policy background of revitalizing the real economy,it is of great research significance to reduce the inefficient investment of listed companies and improve the development quality of listed companies.In the theoretical part,this paper analyzes the theoretical and practical basis of the formation of investor sentiment,analyzes the mechanism of the impact of investor sentiment on inefficient investment of listed companies,and analyzes the mechanism of the impact of independent director network regulating investor sentiment on inefficient investment of listed companies.The theoretical analysis results of this paper show that investor sentiment acts on inefficient investment through equity financing channels,rational catering channels and manager optimism channels.The supervision effect and resource effect of independent director network on corporate governance reduce the dependence of listed companies on equity financing,and supervise the behavior of managers,can alleviate the agency problem,reduce the inefficient investment brought by managers’ catering investment or overconfidence,and then weaken the impact of investor sentiment on the inefficient investment of listed companies.Based on the above theoretical basis,this paper makes an empirical study,use CSMAR database obtain the relevant data of 1461 listed companies in the A-share market from 2014 to 2019.Based on Richardson’s expected investment model,multiple linear regression was carried out on the model,the model residuals were extracted,the inefficient investment indicators were constructed,the crawler program was compiled to capture the post text data in the stock bar of1461 listed companies on Eastmoney,and the emotion dictionary method was used to extract the text emotion structure to establish investor sentiment indicator and control variables are constructed using the relevant data of listed companies in CSMAR database.After selecting variables and constructing indicators,this paper uses multiple linear regression model to explore the impact of investor sentiment on inefficient investment of listed companies.The empirical results are as follows: investor sentiment is significantly positively correlated with over investment and negatively correlated with underinvestment.The results show that the independent director network can significantly weaken the positive correlation between investor sentiment and over investment,and weaken the negative correlation between investor sentiment and underinvestment.By analyzing the heterogeneity of the property rights of listed companies,it is found that the correlation between investor sentiment and inefficient investment is more significant in non-state-owned listed companies,and the weakening effect of independent director network on the correlation between investor sentiment and inefficient investment is more significant in non-state-owned listed companies.Finally,based on the empirical results,this paper puts forward policy suggestions for listed companies to reduce the degree of inefficient investment and improve investment efficiency.