中文摘要：

通过对投资者情绪的内涵、投资者情绪对证券市场的影响机理以及测量方式的全面探讨，认为投资者情绪是一个影响风险资产市场收益的系统性因子；而对于投资者情绪的测量，完全可以通过构造包含7个基本成分指标的投资者情绪综合指数来进行。

英文摘要：

Based on the existing research of investor sentiment, this paper investigates the definition of investor sentiment and its impact on the stock market completely. Results show that investor sentiment is a systematic factor which influences the stock market returns ; the measures of investor sentiment may be made by component index of seven basic proxies.