Investor Sentiment, Government Control and Corporate Investment Efficiency

DOI

10.2991/ichssr-19.2019.128How to use a DOI?

Keywords

Investor sentiment, Government control, Investment efficiency.

Abstract

Based on the underlying assumptions of investors' bounded rationality, this paper analyzes the impact of investor sentiment on corporate investment efficiency from the enterprise level; and it studies whether the different degrees of government control can influence the impact process. Research shows that investor sentiment is relatively related to corporate overinvestment and relatively insignificant in relation to underinvestment; compared with state-owned enterprises, the investment efficiency of non-state-owned enterprises is more significantly affected by investor sentiment. The above research results provide a useful perspective for a better understanding the influence of investor sentiment on corporate investment efficiency and a better understanding of the institutional specificity of China's capital market.

Copyright

© 2019, the Authors. Published by Atlantis Press.

Open Access

This is an open access article distributed under the CC BY-NC license (http://creativecommons.org/licenses/by-nc/4.0/).

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TY  - CONF
AU  - Xiaoxi Chen
AU  - Lili Zhang
AU  - Yingming Wang
PY  - 2019/05
DA  - 2019/05
TI  - Investor Sentiment, Government Control and Corporate Investment Efficiency
BT  - Proceedings of the 2019 5th International Conference on Humanities and Social Science Research (ICHSSR 2019)
PB  - Atlantis Press
SP  - 660
EP  - 663
SN  - 2352-5398
UR  - https://doi.org/10.2991/ichssr-19.2019.128
DO  - 10.2991/ichssr-19.2019.128
ID  - Chen2019/05
ER  -