Investor Sentiment and Enterprises Credit Resources Obtaining

It is a hot topic to connect the monetary market with the capital market from the micro level. This paper investigates whether and how investment sentiment affects the enterprises’credit resources obtaining, The research results show that, accompanied with the high investor sentiment, listed companies generally get more bank loans, and after the decomposition of the whole bank loans with the short and long term, we find that long loans and its changes is more sensitive to the investor sentiment, but short loans and its changes is not sensitive with sentiment. No matter we use the whole market investor sentiment index or the investor sentiment about every company , our conclusion is robust.