中文摘要：

基于投资者情绪构建了含有无风险资产的投资组合模型,并给出了模型的解析解及有效边界方程。研究表明,投资者情绪是影响投资组合各资产权重及组合有效边界斜率的重要因素。投资者对风险资产的情绪高涨（低落）,将导致最优投资组合中无风险资产的份额下降（上升）及投资组合有效边界的斜率增大（减小）。最后,通过人民币储蓄存款与投资者情绪进行回归分析,实证检验了本文模型的结论,投资者情绪与无风险资产投资负相关,进而从投资者情绪角度有效解释了资金搬家这一中国金融市场的重要现象。

英文摘要：

We construct a sentiment-based optimal portfolio model which includes the risk free asset,and derive the analytical solution and the efficient frontier equation.We then carry out a numerical simulation of the model.The analysis verifies that investor sentiment is a key factor,which affects the investment weight of asset and the efficient frontier.When the sentiment increases（declines）,the investment weight of risk free asset will be lower（higher） and the slope of efficient frontier will increase（decrease）.The finding is also supported through empirical analysis.The empirical results show that RMB saving deposit is significantly negative with the investor sentiment,which interprets the ＂Moving Money＂（the important phenomenon in Chinese financial market） by investor sentiment.