财贸研究
財貿研究
재무연구
Finance and Trade Research
2011年
4期
102~110
,共null页
市场传闻 投资者反应 传闻准确性 媒体权威性
市場傳聞 投資者反應 傳聞準確性 媒體權威性
시장전문 투자자반응 전문준학성 매체권위성
market rumor; investors′ reaction; rumor accuracy; media authority
金融市场中的各类传闻具有不同的特征。然而,传闻特征对投资者的作用尚未得到金融领域的实证检验。对中国A股市场中负面传闻的准确性和传闻媒体的权威性两大特征的研究发现,传闻准确性会对投资者的交易行为产生影响,传闻越准确,投资者反应越强烈。然而,此结论仅对权威媒体发布的传闻有效,原因在于投资者能够通过权威媒体正确预测传闻的准确性,而无法通过非权威媒体进行预测。
金融市場中的各類傳聞具有不同的特徵。然而,傳聞特徵對投資者的作用尚未得到金融領域的實證檢驗。對中國A股市場中負麵傳聞的準確性和傳聞媒體的權威性兩大特徵的研究髮現,傳聞準確性會對投資者的交易行為產生影響,傳聞越準確,投資者反應越彊烈。然而,此結論僅對權威媒體髮佈的傳聞有效,原因在于投資者能夠通過權威媒體正確預測傳聞的準確性,而無法通過非權威媒體進行預測。
금융시장중적각류전문구유불동적특정。연이,전문특정대투자자적작용상미득도금융영역적실증검험。대중국A고시장중부면전문적준학성화전문매체적권위성량대특정적연구발현,전문준학성회대투자자적교역행위산생영향,전문월준학,투자자반응월강렬。연이,차결론부대권위매체발포적전문유효,원인재우투자자능구통과권위매체정학예측전문적준학성,이무법통과비권위매체진행예측。
Rumors in market place have different characteristics.However,the impacts of rumor characteristics on investors are still unclear.The paper carries out a study on rumor accuracy and source media authority based on the negative rumors in China′s A-share market.The results show that： Rumor accuracy can influence investors′ transaction,the more accurate the rumor,the more intense reaction from investors.But this conclusion is only valid for the rumors released from authoritative media for investors can correctly predict the accuracy of rumors through authoritative media,but can not predict through non-authoritative media.The conclusions reveal the mechanisms of rumor characteristics in market place,and also have important practical significance to investors and securities regulators.
