The Impact of Investor Sentiment on Corporate Financial Decision-making: Taking New Media Platforms as an Example

Abstract

In accordance with the theory of asymmetry, this article studies the impact of investor sentiment on the proportion of corporate accounts receivable. During the research process, 2617 listed companies in the Shanghai and Shenzhen A-share markets from 2011 to 2022 were selected as samples. The article constructs a multiple regression model, selects investor sentiment as the core explanatory variable, accounts receivable ratio as the dependent variable, and adds revenue growth rate, largest shareholder shareholding ratio, price to book ratio, and cash flow ratio as control variables. Descriptive statistics, analysis of Correlation, test of collinearity, analysis of regression, test of heterogeneity, and analysis of robustness are used to explore the financial indicators and financial decisions of enterprises; Research has indicated that a negative correlation exists between investor sentiment and the proportion of corporate accounts receivable. Meanwhile, there are also certain differences between state-owned enterprises and non-state-owned enterprises. Based on this, this article proposes relevant improvement suggestions for enterprises, investors, and regulatory authorities, which will help facilitate the healthy and stable development of the capital market.