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

摘要： 非理性的投资者情绪以及管理层对股市的过度“呵护”扭曲了中国A股上市公司的投资结构，影响资本市场资本配置效率。使用上市公司数据探讨了投资者情绪和股权结构特征对上市公司创新效率的影响。研究发现：A股上市公司存在较为明显的迎合投资现象，投资者情绪与上市公司投资效率之间存在非线性关系的抑制作用，即当市场情绪低落时，创新效率的损失对投资者情绪十分敏感；当市场情绪高涨时，创新效率的增速则对投资者情绪变得迟钝。另外，本文得出的3个结论应获得足够的关注：① 国有或国有控股的上市公司迎合投资的创新效率要高于民营上市公司，政府应积极利用市场情绪推动国有上市公司混改，利用非公资本改良国有上市公司的投资“DNA”，实现产业转型和技术升级的创新基因表达。② 积极打造国家创新驱动发展战略相关产业的资本风口，鼓励并引导社会资本进入高科技领域等创新效率较高的实体产业。③ 大力推动上市公司“两权分离”，提高管理团队的投资能力和投资的持续性，保持较高的投资水平和创新效率。

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