CAJ | 학술논문

在广义虚拟经济视角下，人的心理作用也可以创造时间寻租价值。本文用个股人气来体现股市的心理作用，选取了2007年1月到2011年12月A股上市公司每股收益的季度数据作为研究样本，以信息披露前30天的平均换手率作为个股人气的代理变量，实证研究了个股人气对投资者信息解读效率的影响。结果表明，人气越高的个股，投资者对其披露信息的即时解读效率越高，证明了个股人气会影响资本市场信息传播和解读的效率。
재엄의허의경제시각하，인적심리작용야가이창조시간심조개치。본문용개고인기래체현고시적심리작용，선취료2007년1월도2011년12월A고상시공사매고수익적계도수거작위연구양본，이신식피로전30천적평균환수솔작위개고인기적대리변량，실증연구료개고인기대투자자신식해독효솔적영향。결과표명，인기월고적개고，투자자대기피로신식적즉시해독효솔월고，증명료개고인기회영향자본시장신식전파화해독적효솔。
In the generalized virtual economy perspective, the psychological effects can also create time rent-seeking value. In this paper, we use popularity of individual to reflect the psychological effect.This pa-per chooses quarterly earnings announcements data of A shares from January, 2007 to December, 2011 as sample, and it empirically examines the impact of individual stock popularity on the investors’ interpretation efifciency of listed ifrms’ information, with the average turnover rate of 30 days before announcement date as a proxy for popularity of individual stocks. The results show that the information interpretation efifciency is higher for firms with higher popularity. This reveals that popularity of individual stock really affects the ef-ifciency of information dissemination and interpretation.