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中文摘要：
基于当前深化推进科技创新的时代背景，从行为金融学视角，以2007～2014年沪、深A股上市公司为研究样本，通过构建个股层面的投资者情绪指数，考察了投资者情绪、创新投入与企业价值三者之间的关系。实证结果表明，公司的创新投入与企业价值呈显著正向关系，投资者情绪在其中起到了不完全中介的作用。即公司的创新投入在显著提升企业价值的过程中，部分通过投资者情绪这个中介渠道产生作用。文章的研究结论拓展了行为公司金融、企业研发创新等领域的研究视角，验证了虚拟经济对于实体经济的助推器作用。
英文摘要：
This paper studies the relationship between investor sentiment, innovation investment and firm value by building the investor sentiment index on the level of individual stocks, which based on the data of a - share listed companies from 2007 to 2014 with the perspective of behavioral finance. The empirical results show that firm＇ s nnovation inputs have significant positive effects on frim value, while investor sentiment is in the incomplete intermediary role. That is, firms＇ innovation inputs in significant improvements in the process of enterprise value, partly by investor sentiment which is the mediation channels. The research conclusions of this paper expand the research perspective in the area of the firm＇s financial behavior and the firm＇ s innovation and verify the effect of virtual economy onthe real economy.
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