投资者情绪与股价同步性研究
Research on Synchronicity of Investor Sentiment and Stock Price
王小鹏 1史陈菲1
作者信息
- 1. 西安石油大学经济管理学院,陕西西安 710065
- 折叠
摘要
以2018-2021年沪深证券交易所A股上市公司为样本,研究投资者情绪对股价同步性的影响及作用机制.研究表明:投资者情绪与股价同步性显著正相关,支持了"信息效率"说;高涨的投资者情绪能够通过提升融资约束加剧股价同步性.进一步研究发现,投资者情绪对股价同步性的积极作用在证券监管力度较低、会计稳健性较低与股权激励较高的企业中更为明显.从优化信息获取渠道、健全公司内部信息公开披露机制、强化监管部门监督职能等方面对抑制股价同步性提出了建议.
Abstract
Taking A-share listed companies in Shanghai and Shenzhen Stock Exchanges from 2018 to 2021 as samples,this paper studies the influence and mechanism of investor sentiment on stock price synchro-nization.The results show that there is a significant positive correlation between investor sentiment and stock price synchronicity,which supports the theory of"information efficiency".High investor sentiment can increase share price synchronicity by increasing financing constraints.Further research shows that the positive effect of investor sentiment on stock price synchronization is more obvious in the enterprises with lower securities super-vision,lower accounting conservatism and higher equity incentive.Some suggestions are put forward to restrain stock price synchronicity from optimizing information acquisition channels,perfecting internal information dis-closure mechanism and strengthening supervision functions of regulatory departments.
关键词
股价同步性/投资者情绪/融资约束Key words
stock price synchronization/investor sentiment/financing constraint引用本文复制引用
出版年
2024
国家科技期刊平台
NSTL
维普
万方数据