Abstract: Irrational investors and rational managers framework is presented in this paper to investigate whether investor sentiment affect enterprises R&D investment through rational cater channel, and capital market performance expectations pressure can inhibit the catering effect, and further compare the differences of catering effect between enterprises with different size, profitability and management stock ownership. The results show that: In general, the effect of investor sentiment to the enterprises R&D investment is supported to the catering hypothesis; The capital market performance expectations pressure can restrain the catering degree of enterprises R&D investment to investor sentiment; The above effect is only found in small scale, low profitability, and high management stock ownership enterprises. That shows firm size, profitability and management stock ownership are important factors which influence the motivations that managers cater to investor sentiment and maintenance of the capital market image. This article research conclusions have important policy implications for listed companies, investors, securities analysts and market regulators.