CAJ | 학술논문

投资者注意力从认知心理学视角开启了行为金融学新的研究范式，并对金融资产定价和财务行为产生了深远的影响。而实证研究中如何科学测度投资者注意力一直是该领域研究的难点问题。文章通过对已有文献的梳理，从竞争性信息的干扰程度、信息的显著和易处理程度以及交易特性三个方面对投资者注意力的测度文献进行了系统整理和分析，重点在导入认知心理学的理论基础上，对比分析了这三方面指标的优缺点、注意问题及其适应范围，最后提出了未来的研究展望。
투자자주의력종인지심이학시각개계료행위금융학신적연구범식，병대금융자산정개화재무행위산생료심원적영향。이실증연구중여하과학측도투자자주의력일직시해영역연구적난점문제。문장통과대이유문헌적소리，종경쟁성신식적간우정도、신식적현저화역처리정도이급교역특성삼개방면대투자자주의력적측도문헌진행료계통정리화분석，중점재도입인지심이학적이론기출상，대비분석료저삼방면지표적우결점、주의문제급기괄응범위，최후제출료미래적연구전망。
Based on cognitive psychology perspectives, investor attention opens the new paradigm of behavioral finance and brings about a profound impact on asset pricing and corporate financial behavior. However, the scientific measurement of investors＇ attention has been a difficult task of empirical research in this field. By reviewing existing literatures, this paper sorts out and analyzes the measurement literatures of investor attention from information characteristics and trading characteristics. The advantages and disadvantages, applicable scopes and problems of two kinds of indicators are examined by introducing corresponding theoretical foundations of cognitive psychology. At last, future outlooks of research themes are put forward.