本文關(guān)鍵詞：基于百度指數(shù)的投資者關(guān)注與股票市場量價研究　出處：《廣東商學(xué)院》2013年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 百度指數(shù) 投資者關(guān)注 股票流動性 股票收益 上證180指數(shù)

【摘要】：互聯(lián)網(wǎng)的廣泛應(yīng)用帶來信息的急劇膨脹，然而個體的注意力卻是一種稀缺資源，兩者的矛盾凸顯出注意力分配的重要性。作為人的一種主觀抽象行為，關(guān)注度難以進(jìn)行精確的量化，對關(guān)注現(xiàn)象進(jìn)行深度研究也就遇到了瓶頸。以百度指數(shù)衡量的投資者關(guān)注度能較為精確地反映投資者對某一事物的主觀關(guān)注程度，為投資者心理與股票市場之間作用機(jī)制的相關(guān)研究領(lǐng)域帶來了曙光，，亦使得資本市場中的注意力理論研究成果更具解釋力和預(yù)測力。 心理學(xué)研究表明，投資者在決策過程中遵循著此流程：信息關(guān)注——信息加工——投資決策。在個體有限理性的假設(shè)下，準(zhǔn)確衡量投資者關(guān)注程度一直是學(xué)術(shù)界的一大難題，股票市場中投資者關(guān)注如何影響股票量價也值得深入探討。據(jù)此，本文以上證180指數(shù)的樣本股為研究對象，以百度指數(shù)用戶關(guān)注度衡量投資者關(guān)注度，分別考察了投資者關(guān)注對股票流動性及股票收益的影響。研究表明：（1）投資者關(guān)注與股票流動性指標(biāo)及收益指標(biāo)正相關(guān)。（2）在控制其他影響因素后，投資者高關(guān)注度將伴隨高市場流動性，注意力會驅(qū)動投資者進(jìn)行交易。（3）對信息的當(dāng)期關(guān)注會對股票收益產(chǎn)生正向影響，但這一現(xiàn)象將在一段期間后發(fā)生反轉(zhuǎn)。 綜上所述，本文的貢獻(xiàn)主要在于以百度指數(shù)來衡量投資者關(guān)注程度，并選取上證180指數(shù)樣本股為研究對象，能在一定程度上解釋中國投資者的關(guān)注現(xiàn)象，投資者關(guān)注與股票市場量價的影響研究驗(yàn)證了注意力的重要性，探索了投資者信息反應(yīng)機(jī)制，同時有利于培養(yǎng)投資者理性決策的觀念。
[Abstract]:The wide use of the Internet has brought about the rapid expansion of information, but the individual's attention is a scarce resource, the contradiction between the two highlights the importance of attention distribution, as a subjective abstract behavior of human. It is difficult to quantify the attention accurately, and the in-depth study of the attention phenomenon has met a bottleneck. The investor attention degree measured by Baidu index can accurately reflect the degree of subjective concern of the investor to a certain thing. It brings the dawn to the research field of the action mechanism between investor psychology and stock market, and also makes the attention theory research in the capital market more explanatory and predictive. Psychological studies show that investors follow this process in the decision-making process: information concern-information processing-investment decision-under the assumption of individual bounded rationality. Accurately measuring the degree of concern of investors has been a major problem in the academic community, in the stock market investors pay attention to how to affect the stock price is also worth in-depth discussion. This paper takes the sample stock of Shanghai 180 index as the research object, and measures the investor's attention by the user's attention of Baidu index. The effects of investor concern on stock liquidity and stock returns are investigated. The study shows that investor concern has positive correlation with stock liquidity index and return index. 2) after controlling for other influencing factors, investors' concern is positively related to stock liquidity index and return index. High investor attention will be accompanied by high market liquidity, attention will drive investors to trade. 3) the current focus on information will have a positive impact on stock returns. But the phenomenon will reverse over time. To sum up, the contribution of this paper mainly lies in the Baidu index to measure the degree of investor concern, and select Shanghai 180 index sample as the research object, can explain the phenomenon of Chinese investors' attention to a certain extent. The research on the influence of investor attention and stock market volume and price proves the importance of attention, explores the mechanism of investor information reaction, and helps to cultivate the concept of rational decision-making of investors.
【學(xué)位授予單位】：廣東商學(xué)院
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F830.42;F832.51

【引證文獻(xiàn)】

相關(guān)博士學(xué)位論文 前2條

1 王宗勝;基于注意力的證券投資選擇[D];天津財經(jīng)大學(xué);2007年

2 呼建光;注意與股票價格行為[D];吉林大學(xué);2012年

本文編號：1385910