外国经济与管理
外國經濟與管理
외국경제여관리
Foreign Economies & Management
2015年
4期
29~40
,共null页
投资者注意力 认知局限 资产定价 内部人择机
投資者註意力 認知跼限 資產定價 內部人擇機
투자자주의력 인지국한 자산정개 내부인택궤
investor attention; limited cognition; asset pricing; insider opportunistic timing
根据传统的＂信息含量＂（information content）理论,股票信息一旦进入市场就会立即被股价所充分吸收。但事实上,资本市场中任何信息要引起股价的反应首先要引起投资者的注意。长期以来,金融甚至行为金融的研究忽视了这个客观事实和前提条件。本文首先从认知心理学的角度出发,以投资者注意力的分配作为切入点,对投资者注意力与投资者交易行为、资产定价及内部人自利择机之间的关系进行了文献梳理和述评。综合来看,投资者注意力的研究拓展了行为金融的分析视角,引发投资者注意力与资产价格变动、投资者注意力与投资者交易行为,以及投资者注意力与内部人的财务行为等的研究。因此,深化投资者注意力的研究具有很高的理论价值和现实意义。
根據傳統的＂信息含量＂（information content）理論,股票信息一旦進入市場就會立即被股價所充分吸收。但事實上,資本市場中任何信息要引起股價的反應首先要引起投資者的註意。長期以來,金融甚至行為金融的研究忽視瞭這箇客觀事實和前提條件。本文首先從認知心理學的角度齣髮,以投資者註意力的分配作為切入點,對投資者註意力與投資者交易行為、資產定價及內部人自利擇機之間的關繫進行瞭文獻梳理和述評。綜閤來看,投資者註意力的研究拓展瞭行為金融的分析視角,引髮投資者註意力與資產價格變動、投資者註意力與投資者交易行為,以及投資者註意力與內部人的財務行為等的研究。因此,深化投資者註意力的研究具有很高的理論價值和現實意義。
근거전통적＂신식함량＂（information content）이론,고표신식일단진입시장취회립즉피고개소충분흡수。단사실상,자본시장중임하신식요인기고개적반응수선요인기투자자적주의。장기이래,금융심지행위금융적연구홀시료저개객관사실화전제조건。본문수선종인지심이학적각도출발,이투자자주의력적분배작위절입점,대투자자주의력여투자자교역행위、자산정개급내부인자리택궤지간적관계진행료문헌소리화술평。종합래간,투자자주의력적연구탁전료행위금융적분석시각,인발투자자주의력여자산개격변동、투자자주의력여투자자교역행위,이급투자자주의력여내부인적재무행위등적연구。인차,심화투자자주의력적연구구유흔고적이론개치화현실의의。
Based on traditional＂information content＂theory,stock information will be immediately absorbed enough by stock prices once it enters capital market.However,any information in fact must firstly arouse the investor attention in order to cause stock price reaction,which is a prerequisite and objective condition for market reaction but has been ignored by finance and behavioral finance scholars for a long time.From the cognitive psychology perspective,this paper focuses on the allocation of investor attention and systematically reviews the relations between investor attention and investor trading behavior,and between asset pricing and insider opportunistic timing.In general,the study on investor attention has extended the analysis perspective of behavioral finance,and triggers the research of relations between investor attention and asset price movements,between investor attention and investor trading behavior,between investor attention and insider financial behavior.Therefore,deepening investor attention research in the future is of high theoretical and practical significance.
