本文關(guān)鍵詞：媒體報(bào)道信息對(duì)于投資者關(guān)注度的影響研究　出處：《北京第二外國(guó)語(yǔ)學(xué)院》2017年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 媒體報(bào)道信息 投資者 有限關(guān)注度 事件研究法 文本挖掘

【摘要】：傳統(tǒng)金融理論假設(shè)市場(chǎng)是有效率的,股票價(jià)格充分反映了所有公開(kāi)信息與私有信息,然而事實(shí)情況并不是理論假設(shè)的這樣。隨著信息傳播速度的加快以及近年來(lái)證券市場(chǎng)的飛速發(fā)展,證券市場(chǎng)上每天都充斥著海量信息,而且中國(guó)股市場(chǎng)普遍是個(gè)人投資者,受認(rèn)知偏差、專業(yè)知識(shí)以及信息獲取渠道的影響,個(gè)人投資者的投資決策主要依靠能夠引起他們注意力的那部分信息。基于此心理學(xué)中關(guān)于“有限關(guān)注度假說(shuō)”的研究,越來(lái)越受到行為金融學(xué)者的熱捧�，F(xiàn)有關(guān)于“有限關(guān)注度假說(shuō)”的文獻(xiàn)大多致力于投資者關(guān)注度對(duì)股票價(jià)格影響的分析,極少有文獻(xiàn)研究關(guān)于影響投資者有限關(guān)注度的因素。面對(duì)當(dāng)今媒體報(bào)道信息膨脹的股票市場(chǎng),本文以媒體報(bào)道信息對(duì)投資者有限關(guān)注度的影響為出發(fā)點(diǎn),結(jié)合行為金融學(xué)和有限關(guān)注度等理論,截取2013年2月至2016年2月間,滬深股市上2929只A股在360搜索引擎中股票代碼搜索量數(shù)據(jù)以及國(guó)泰安數(shù)據(jù)庫(kù)中關(guān)于媒體A股報(bào)道信息的數(shù)據(jù),其中,針對(duì)媒體報(bào)道信息采取無(wú)監(jiān)督機(jī)器學(xué)習(xí)的方法,將媒體報(bào)道的文本信息分為10類。通過(guò)研究信息被披露以后,對(duì)投資者有限關(guān)注度影響的變化趨勢(shì),分析信息在股票市場(chǎng)上的傳導(dǎo)機(jī)制。通過(guò)實(shí)證分析媒體報(bào)道信息對(duì)投資者有限關(guān)注度的影響,本文得出以下結(jié)論:第一,不同內(nèi)容主題的媒體報(bào)道信息均能引起投資者的關(guān)注度,其中投資者對(duì)于并購(gòu)重組內(nèi)容主題的信息關(guān)注度較高,對(duì)于股票市場(chǎng)資金流向內(nèi)容主題的信息關(guān)注度相對(duì)較低;第二,實(shí)證結(jié)果發(fā)現(xiàn)在我國(guó)股票市場(chǎng)媒體報(bào)道不是投資者獲取信息的主要渠道,媒體報(bào)道信息存在嚴(yán)重的滯后性。在媒體報(bào)道前4天投資者已經(jīng)開(kāi)始加大對(duì)相關(guān)股票的關(guān)注度,在媒體報(bào)道當(dāng)天,股票關(guān)注度達(dá)到最大值,在隨后6天內(nèi)投資者關(guān)注度保持在相對(duì)穩(wěn)定的水平,表明投資者的有限關(guān)注度具有持續(xù)性;第三,本文通過(guò)研究財(cái)務(wù)信息對(duì)投資者關(guān)注度的影響發(fā)現(xiàn),相對(duì)于詳細(xì)瑣碎的信息,投資者更傾向于關(guān)注概要性信息�；诖讼蛎襟w提出精簡(jiǎn)報(bào)道信息內(nèi)容的建議以達(dá)到信息有效傳達(dá)的預(yù)期目的。
[Abstract]:Suppose the market of traditional financial theory is efficient, stock prices fully reflect all public and private information, but the fact is not such a hypothesis. With the accelerated pace of information dissemination and in recent years the rapid development of the securities market, the stock market every day is full of massive information, and Chinese stock market generally is personal investors, by cognitive bias, influence of professional knowledge and access to information, personal investors rely mainly on the part of information can arouse their attention. The research on "holiday limited attention" the psychology based on behavioral finance scholars more and more favorable. Analysis of the existing literature on "limited attention hypothesis" the most committed to the influence of investors' attention to the stock price, there is little literature on the effects of limited attention of investors The degree of the factors. In the face of today's media reports the expansion of the stock market, according to media reports of limited attention of investors as a starting point, combined with the behavioral finance and the limited attention theory, from February 2013 to February 2016, the Shanghai and Shenzhen stock markets on the media reports the data of A shares, A shares in 2929 360 search engines in stock code search volume data and database in Tai'an, take the method of unsupervised learning for media information, the media coverage of the text is divided into 10 categories. After the research on the information disclosure on the trend of changes in the degree of influence the investors' limited attention, analysis of information transmission mechanism in the stock market the analysis of media reports information on the effects of limited attention of investors, through empirical research we draw the following conclusions: first, the media reported the information content of different themes Can cause the attention of investors, including investors for mergers and acquisitions subject information high degree of concern for the stock market, the flow of funds subject information of a relatively low degree of concern; second, the empirical results show that the main channel is not investment information in the media of China's stock market reports, media information there is a serious lag in the media reports. 4 days before investors have begun to increase the stock of the attention, the media reported on the same day, the stock reached the maximum degree of concern over the next 6 days, investors' attention is maintained at a relatively stable level, show that investors with limited attention with persistence; third, through the study of financial information investors'attention effect was found, with little information relative to the investors tend to focus on summary information. Based on this proposed to streamline the report to the media Suggestions for information content to achieve the desired purpose of effective communication.

【學(xué)位授予單位】：北京第二外國(guó)語(yǔ)學(xué)院
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：G212;F832.51

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本文編號(hào)：1417964