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The Impact of Investor Sentiment on Innovation Investment Behavior of Chinese a-Share Listed Companies

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DOI: 10.25236/edssr.2022.036


Yue Zhong, Lu Li

Corresponding Author

Yue Zhong


Innovative investment activities are of great significance to the development of China's capital market. Based on the data of listed companies in China's A-share market from 2011 to 2020, this paper uses regression residual and Fama-French three-factor models to analyze the impact of investor sentiment on enterprise innovation investment behaviors which is measured by the ratio of total R&D expenditure/total assets and conducts further robustness testing from the perspective of firm nature, firm size and industry respectively. The empirical results show that investor sentiment significantly impacts enterprise innovation investment activities and tends to affect non-state-owned, medium-size companies and companies in pharmaceutical manufacturing, computer, communications, and other electronic equipment manufacturing, TMT (Technology, Media, Telecom) industries more substantially.


Investor sentiment, Innovation investment, Enterprise behavior, Chinese a-share market