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1、AbstractInvestorsentimentisthecutting-edgeresearchcontentofbehavioralfinancialtheory,anditsfluctuationmayaffectthestockmarketandlistedcompanies,anothermaincomponentofstockmarket.ThebuildingofChina'sstockmarketstartedinthelate90’s,andthemarkethasexperiencedanumberof"cold"and"high"waveinitsdeve
2、lopment.Asitstartedlate,therearesomelacksandproblemsinitslevelofdevelopment,waysofoperations,supportingpoliciesandsoon.Inthestockmarket,smallandmediuminvestors,knownas"retailinvestors"areinthedominantposition.AsstockisanewinvestmentproductinChinaandtheeducationoninvestorsisnotperfect,soinvest
3、orsarevulnerabletothemarket"noise",whichwillleadtoirrationalinvestment.Theevolvementofindividualbehaviorintogroupbehaviorwillaffectsomeaspectsofthestockmarketsuchasliquidityandwillcausesomeabnormalitiessuchasbubbles.Thefluctuationsinthemarketwillmakelistedcompaniesadjusttheirdecisionsonfinanc
4、ing,inordertoreducecostsandimproveefficiencyoffinancing.Sothepassagewillconductempiricalresearchtostudythelinkagemechanismbetweenthem.Thearticle,throughcombiningthetheoryanalysiswithempiricalresearchanalyzestherelationshipbetweeninvestorsentiment,stockliquidityandthestructureofcompanies’capit
5、al.Thefirstpart,bystudyingbackground,meaningandframecontent,discussesthemainopinionsandspecificcontentoftheresearchthroughprefaceandempiricalresearch.Italsoprovidestheorysupportingforempiricalresearchthroughstatingthetheoryandbibliographywhichareessentialtotheresearch.Thefirstpartofempiricalr
6、esearch,byintroducingthewayofconstructingthesentimentindicatorsofYiZhigaoandusingsixindicators---closed-endfunddiscount,newaccounts,consumerconfidenceindex,marketvolume,marketrateofreturnandprice/earningsratioconstructscomprehensiveindicatorandcalculatesthespecificindextoprovidedatasupporting
7、tothelasttwoempiricalresearch.Thesecondpartoftheempiricalresearchanalyzesthecausalrelationshipbetweeninvestorsentimentandstockliquidity.TheGrangercauseofinvestorsentimentandstockliquidityaswellasthepositiveimpactoftheformeronthelattercanbecon
