股价会受股票名称影响吗？--基于行为金融学的调查研究

Does Stock Name Affect Stock Price?——Investigation Based on Behavioral Finance

在国外研究者发现名称流畅的股票在首发上市后的短期内收益较高。本文通过对问卷调查数据研究发现,在我国,股价在首发上市后的短期内也会受股票名称影响。但是,由于汉字与英文的认知不同,价格受股票名称影响的原因是因为汉字具有表义功能而传达出信息,如股票名称中所蕴含的行业信息,这种影响会随着时间推移而消失;而名称中传达信息模糊的股票,价格不受股票名称影响。本文另一发现是,新开户的投资者与有经验的投资者买股票时会走两条不同的心理捷径,前者会看名称买股票,而后者则会依赖于自己的投资经验。

Foreign researchers have found that stocks with fluent names perform better in stock markets in the days following the initial public offering（IPO）. It is found that stock names do influence stock prices in short term after IPO in Chinese stock markets, too.However, the influence is due to the information conveyed by Chinese words because they have the function of expressing meaning, such as the hint contained in stock names as to which industry the company is operating in, which is different from English words cognition, and the influence will disappear as time goes by. The prices of the stocks which names don＇t convey messages clearly aren＇t influenced by their names. Furthermore, it is fouind that new investors and experienced investors try to simplify the task of buying stocks by relying on two different mental shortcuts, the former tend to buy stocks with ＂good＂ names and the latter tend to buy stocks relying on their past invest experiences.