关键词: 投资者情绪, 迎合渠道, 创新效率, 股权结构特征, 行为金融

Abstract: Irrational investor sentiment and excessive “care” of the stock market of stock market regulators have distorted the investment structure of China’s A-share listed companies and affected the capital allocation efficiency of the capital market. This paper explores the impact of investor sentiment and ownership structure characteristics on innovation efficiency of listed companies by using the data of listed companies. It is found that A-share listed companies have a more obvious attitude of catering towards investment, and there is a nonlinear relationship between investor sentiment and innovation efficiency of listed companies. When the market sentiment is low, the loss of innovation efficiency is very sensitive to investor sentiment; when market sentiment is high, the growth of innovation efficiency becomes dull for investors. In addition, the three conclusions drawn in this paper should be paid sufficient attention to: First, corporate ownership will significantly adjust positively to meet innovation efficiency catering to investor sentiment, the impact of investor sentiment on innovation efficiency is stronger for state-owned or state-controlled listed companies who are catering to investor sentiment. The government should actively use market sentiment to promote the mixed ownership reform of state-owned listed companies, which aims to improve conservative investment orientations of state-owned listed companies by non-public capital and realizes the expression of innovative genes for industrial transformation and technological upgrading. Moreover, the government should create capital tuyere in industries related to the national innovation-driven development strategy, encourage, and guide nongovernmental capital to enter high-tech and other real industries with a high innovation efficiency. Furthermore, separation of ownership and operation can significantly promote to the efficiency of listed companies who are catering to investor sentiment. Therefore, the separation of ownership and management rights of listed companies should be vigorously promoted, and the investment capacity of the management team and the sustainability of investment should be improved for maintaining a high level of investment and innovation efficiency.

Key words: investor sentiment, catering channel, innovation efficiency, ownership structure characteristics, behavioral finance