Research Article
Analysis of the Influence of Investor Sentiment on Enterprise Investment Redundancy
@INPROCEEDINGS{10.4108/eai.2-12-2022.2328700, author={Yutong Ji and Lu Li}, title={Analysis of the Influence of Investor Sentiment on Enterprise Investment Redundancy}, proceedings={Proceedings of the 3rd International Conference on Big Data Economy and Information Management, BDEIM 2022, December 2-3, 2022, Zhengzhou, China}, publisher={EAI}, proceedings_a={BDEIM}, year={2023}, month={6}, keywords={investor sentiment enterprise investment redundancy principal component analysis panel regression}, doi={10.4108/eai.2-12-2022.2328700} }- Yutong Ji
Lu Li
Year: 2023
Analysis of the Influence of Investor Sentiment on Enterprise Investment Redundancy
BDEIM
EAI
DOI: 10.4108/eai.2-12-2022.2328700
Abstract
Based on the relevant panel data of Listed Companies in China's A-share market from 2010 to 2021, this paper studies the impact of investors' irrational emotions on enter-prise investment redundancy and its mechanism. The empirical results show that un-der the control of time fixed effect and industry fixed effect, investors' irrational emo-tions have a significant positive impact on enterprise investment redundancy. Further research results show that from the perspective of enterprise organization form, the investment redundancy of state-owned enterprises is not significantly affected by in-vestor sentiment, while the investment redundancy of non-state-owned enterprises is significantly positively affected by irrational investor sentiment.