投资者情绪与股票异常收益具有强相关性。本文从个体投资者的角度出发，以2015-2018年3431家上市公司作为观测样本对二者的关系进行研究。研究发现，投资者情绪与股票异常收益成正相关关系，但积极、消极情绪的影响存在不对称性，这与我国市场管制有关。控股股东股权质押预示着高的信贷和流动性风险，是加速股价波动的潜在“地雷”；但股东质押融资对企业进行积极管理的行为具有“稳定剂”功能，当出现看涨情绪时它可以发挥负向调节作用降低股价异常波动程度，调节效果随情绪的积累而加强。产权性质的差异以及政策的特殊安排使得控股股东股权质押的“地雷”作用和“稳定剂”调节作用仅在非国有企业中发挥。

There is a strong correlation between investor sentiment and abnormal stock returns. From the perspective of individual investors, this paper takes 3431 listed companies from 2015 to 2018 as observation samples to study the relationship between them. It is found that investor sentiment is positively correlated with abnormal returns, but the influence of positive and negative sentiment is asymmetric, which is related to market regulation in China. The equity pledge of controlling shareholders indicates high credit and liquidity risk, which is a potential "mine" to accelerate the fluctuation of stock price; However, shareholders' pledge financing has the function of "stabilizer" and leads to active management of enterprises. When there is a bullish sentiment, it can play a negative regulatory role to reduce the abnormal fluctuation of stock price, and the regulatory effect will be strengthened with the accumulation of sentiment. The difference of property right and the special arrangement of policy make the "mine" and "stabilizer" function of controlling shareholders' equity pledge only play in non-state-owned enterprises.