关键词: 投资者情绪,投资效率,薪酬激励,债务融资

Abstract: By combining investor sentiment with corporate governance mechanisms from the traditional rational perspective, this paper examines the interactive effect of the two kinds of governance mechanisms (the management compensation incentive and debt financing) and investor sentiment on the governance effect of investment inefficiency. The results indicate that, considering the effect of investors’ non-rationality, management compensation incentive and debt financing both have significantly negative correlation with under-investment, and the interaction effect with investor sentiment both have significantly positive correlation with over-investment. The results show that the two kinds of governance mechanisms have significant inhibiting effect on under-investment, while their effects of governance on over-investment depend on the emotional state of investors.

Key words: investor sentiment; investment efficiency; compensation incentive; debt financing