基于DSSW模型投资者情绪与股价指数关系研究

Research on the Relationship between Investor Sentiment and Stock Index Based on DSSW Model

基于DSSW模型,本文构建了不同预期时间跨度下投资者情绪与股票价格的关系模型,并依据预期时间跨度不同,投资者情绪的均值和方差有不同的特征,分析得出长、短期投资者情绪对股票价格的不同影响。进一步以好淡指数作为投资者情绪的代理变量,检验不同预期时间跨度的好淡指数与股价指数的关系,验证理论分析结论。最后给出对策建议。

Based on DSSW model,this paper structures model on relationship between investor sentiment of different expected horizon and stock price.According to differences of mean and variance on investor sentiment,this paper refers that investor sentiment of different expected horizon has different influences to stock price.Moreover,this paper uses Haodan Index as the index of investor sentiment,and analyzes the relationships between Haodan Index of different expected horizon and stock index.The result supports our theoretical conclusion.At last,this paper gives suggestions.