CAJ | 학술논문

利用文本挖掘和文本分类技术分析新浪财经股票论坛上投资者发布的信息,并据此构建投资者乐观情绪、意见分歧指数;通过SPSS分析反映投资者情绪的这些指标与IPO抑价和IPO上市首日交易量的相关性,结果发现股票论坛并不仅仅是“噪音”,基于论坛信息的投资者情绪对IPO抑价及交易量有显著影响,即投资者情绪乐观指数与IPO抑价、交易量成正比,意见分歧指数与交易量成反比.
이용문본알굴화문본분류기술분석신랑재경고표론단상투자자발포적신식,병거차구건투자자악관정서、의견분기지수;통과SPSS분석반영투자자정서적저사지표여IPO억개화IPO상시수일교역량적상관성,결과발현고표론단병불부부시“조음”,기우론단신식적투자자정서대IPO억개급교역량유현저영향,즉투자자정서악관지수여IPO억개、교역량성정비,의견분기지수여교역량성반비.
@@@@Using text mining and text classification the authors construct a measure of bullishness and disagreement index based on messages that posted by investors on Sina Finance stock forum. The study analyzes the relationship between the index that measuring investor sentiment and IPO underpricing and trading volume using SPSS. The results found that stock forum is not just“noise”,and investor sentiment have significantly affect the IPO underpricing and the trading volume. The bullishness index is positive correlated with IPO underpricing and trading volume while the disagreement index and trading volume are inversely related.