论文实证数据1缩尾 -独立董事 - 全样本（1）.dta

本研究考察了投资者情绪对上市公司投资效率的影响。实证结果表明，投资者情绪对过度投资有显著的正向影响，对投资不足有显著的负向影响。此外，董事网络中心性可以显著缓和投资者情绪对投资效率的影响，并对其产生负向影响。然而，基于异质性分析，我们的结果表明，投资者情绪对投资效率的影响在非国有企业中更为明显。非国有企业中，董事网络中心性的调节作用更为明显。研究结论有助于探索如何降低投资者情绪对上市公司投资效率的影响，为探索新的切入点。

This study examines the impact of investor sentiment on the investment efficiency of listed companies. Empirical results demonstrate that investor sentiment exerts a significant positive effect on over-investment and a significant negative effect on under-investment. Furthermore, director network centrality can significantly mitigate the impact of investor sentiment on investment efficiency, with a negative moderating effect. However, based on heterogeneity analysis, our findings indicate that the effect of investor sentiment on investment efficiency is more pronounced in non-state-owned enterprises (NSOEs). The moderating role of director network centrality is also more prominent in NSOEs. The research conclusions contribute to exploring ways to reduce the impact of investor sentiment on the investment efficiency of listed companies, providing a new entry point for relevant studies.