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  本文關(guān)鍵詞：媒體報道信息對于投資者關(guān)注度的影響研究　出處：《北京第二外國語學(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)市場是有效率的,股票價格充分反映了所有公開信息與私有信息,然而事實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證券市場的飛速發(fā)展,證券市場上每天都充斥著海量信息,而且中國股市場普遍是個人投資者,受認知偏差、專業(yè)知識以及信息獲取渠道的影響,個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�；�于此心理學(xué)中關(guān)于“有限關(guān)注度假說”的研究,越來越受到行為金融學(xué)者的熱捧。現(xiàn)有關(guān)于“有限關(guān)注度假說”的文獻大多致力于投資者關(guān)注度對股票價格影響的分析,極少有文獻研究關(guān)于影響投資者有限關(guān)注度的因素。面對當(dāng)今媒體報道信息膨脹的股票市場,本文以媒體報道信息對投資者有限關(guān)注度的影響為出發(fā)點,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)以及國泰安數(shù)據(jù)庫中關(guān)于媒體A股報道信息的數(shù)據(jù),其中,針對媒體報道信息采取無監(jiān)督機器學(xué)習(xí)的方法,將媒體報道的文本信息分為10類。通過研究信息被披露以后,對投資者有限關(guān)注度影響的變化趨勢,分析信息在股票市場上的傳導(dǎo)機制。通過實證分析媒體報道信息對投資者有限關(guān)注度的影響,本文得出以下結(jié)論:第一,不同內(nèi)容主題的媒體報道信息均能引起投資者的關(guān)注度,其中投資者對于并購重組內(nèi)容主題的信息關(guān)注度較高,對于股票市場資金流向內(nèi)容主題的信息關(guān)注度相對較低;第二,實證結(jié)果發(fā)現(xiàn)在我國股票市場媒體報道不是投資者獲取信息的主要渠道,媒體報道信息存在嚴重的滯后性。在媒體報道前4天投資者已經(jīng)開始加大對相關(guān)股票的關(guān)注度,在媒體報道當(dāng)天,股票關(guān)注度達到最大值,在隨后6天內(nèi)投資者關(guān)注度保持在相對穩(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,本文通過研究財務(wù)信息對投資者關(guān)注度的影響發(fā)現(xiàn),相對于詳細瑣碎的信息,投資者更傾向于關(guān)注概要性信息。基于此向媒體提出精簡報道信息內(nèi)容的建議以達到信息有效傳達的預(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】：北京第二外國語學(xué)院
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：G212;F832.51

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本文編號：1417964