CAJ | 학술논문

分别从个股层面以及市场层面探讨投资者情绪对中国证券市场股价联动现象的影响。实证揭示：（1）中国证券市场存在显著的股价联动效应。（2）投资者情绪对股价联动现象存在显著的负向影响。（3）个股层面的投资者情绪变量对股价联动的影响大于市场层面的综合情绪变量。（4）投资者情绪对不同行业的股价联动的影响存在差异。
분별종개고층면이급시장층면탐토투자자정서대중국증권시장고개련동현상적영향。실증게시：（1）중국증권시장존재현저적고개련동효응。（2）투자자정서대고개련동현상존재현저적부향영향。（3）개고층면적투자자정서변량대고개련동적영향대우시장층면적종합정서변량。（4）투자자정서대불동행업적고개련동적영향존재차이。
The author made a discussion about the investor sentiment’s effect on the stock linkage phe-nomenon of stock market in China, which from stock level and market level respectively. The empirical result showed four conclusions. (1) There existed a significant stock linkage effects in China’s stock market. (2) The investor sentiment gave a significant negative impact on the stock linkage effects. (3) The investor sentiment variables’impact of stock level was bigger than the integrated emotional vari-ables of market level. (4) There existed differences in the stock linkage effect of different sectors from the investor sentiment.