CAJ | 학술논문

新闻媒体对证券市场的影响越来越大，它会通过影响投资者的行为而影响资产价格。由于我国证券市场并不是强有效市场，加之投资者自身的缺陷，比如投资者有限理性及投资者心理等因素，媒体就可能影响投资者的投资行为。新闻的准确性及来源媒体的权威性、新闻的发布时段以及媒体报道新闻的频率和持久性都会对投资者的行为产生影响。认识到媒体对投资者行为的不同影响，有利于投资者更好地把握新闻，进行理性的投资。
신문매체대증권시장적영향월래월대，타회통과영향투자자적행위이영향자산개격。유우아국증권시장병불시강유효시장，가지투자자자신적결함，비여투자자유한이성급투자자심리등인소，매체취가능영향투자자적투자행위。신문적준학성급래원매체적권위성、신문적발포시단이급매체보도신문적빈솔화지구성도회대투자자적행위산생영향。인식도매체대투자자행위적불동영향，유리우투자자경호지파악신문，진행이성적투자。
News media has played an important role in the investment of securities. It will produce an effect on the behaviors of investors and therefore influence the assets price. Because of the invalid China's securities markets and the imperfection of investors, such as bounded rational and the psychology of investors, news media may influence the behaviors of investors. The accuracy of news, media authority, news releasing time, rate of its publishment duration may influence investors. To recognize the effect of media will help investors to invest rationally, this paper will be based on the assumption of bounded rational investors and discuss the effect of news media and finally put forward some proposals.