Abstract: Stock market speculation will influence Corp investment behavior The speculative horizon matter is to influence information-gathering behavior The short-term horizon speculator chooses the private information about the exogenous shock uncertainty,games manager investment decision and influences the Corp investment behavior This paper fousses on the impact of Corp investment behavior affected by stock market short-term hovrizon speculation based on the information structure,deduces the stock market game equilibrium and manager efficient equilibrium behavior,clarifies the essential of manager inefficient investment decision behavior.

Key words: short-term horizon speculation, information structure, perfectly polling equilibrium, partial separating equilibrium