金融理论与实践
金融理論與實踐
금융이론여실천
Financial Theory and Practice
2013年
11期
77~81
,共null页
证券市场 个人投资者情绪 股吧信息 正反馈交易
證券市場 箇人投資者情緒 股吧信息 正反饋交易
증권시장 개인투자자정서 고파신식 정반궤교역
individual investor sentiment; information of stocks BBS; positive feedback trading
根据行为金融学的理论，个人投资者在情绪的影响下，会采取追涨杀跌的正反馈交易策略。随着网络的普及，股吧在个人投资者信息获取和投资决策中扮演了越来越重要的角色，股吧信息在一定程度上衡量了投资者的情绪。已有的研究表明股吧信息与股市收益之间存在相关关系。通过利用股吧发帖量构建了个人投资者情绪的代理指标，并运用实证方法验证了个人投资者情绪与股市收益间存在的相关关系。
根據行為金融學的理論，箇人投資者在情緒的影響下，會採取追漲殺跌的正反饋交易策略。隨著網絡的普及，股吧在箇人投資者信息穫取和投資決策中扮縯瞭越來越重要的角色，股吧信息在一定程度上衡量瞭投資者的情緒。已有的研究錶明股吧信息與股市收益之間存在相關關繫。通過利用股吧髮帖量構建瞭箇人投資者情緒的代理指標，併運用實證方法驗證瞭箇人投資者情緒與股市收益間存在的相關關繫。
근거행위금융학적이론，개인투자자재정서적영향하，회채취추창살질적정반궤교역책략。수착망락적보급，고파재개인투자자신식획취화투자결책중분연료월래월중요적각색，고파신식재일정정도상형량료투자자적정서。이유적연구표명고파신식여고시수익지간존재상관관계。통과이용고파발첩량구건료개인투자자정서적대리지표，병운용실증방법험증료개인투자자정서여고시수익간존재적상관관계。
According to the theory of behavioral finance, individual investors would take the positive feedback trading strategy of sell into corrections by the emotional effects. As the popularization of internet, the stocks BBS plays an important role more and more in access to information and investment decisions of individual investors. Some studies have showed that there was a correlation existing between stock BBS and stock market earnings. The author built a proxy indicator of individual investor sentiment from the information of stock BBS and proved that there was a correlation existing between individual investor sentiment and stock market earnings by an empirical way.
