金融市场中投资者情绪研究进展

A Survey for Researches on Investor Sentiment in the Financial Market

针对间接表征投资者情绪的现有研究,按照采用代理变量的数量划分为两个阶段,即研究初期多为单一性指标的表征,近期多为综合性指标的构建;对于每一阶段,按照情绪载体不同区分为市场整体情绪、机构投资者情绪及个人投资者情绪三个类别。梳理出近二十年来表征各类投资者情绪的研究脉络,综合评析了该领域的研究内容、研究方法、研究结论以及研究缺陷,指出了未来可能的研究方向,以期对该领域的研究提供一些有益的帮助。

According to the number of proxy variables used in recent researches on investor sentiment, this paper divides the research period into two stages where the characterization of investor sentiment＇s single index was prevalent at the beginning stage and the construction of its complex index started recently. Furthermore, for every research stage and according to the different carriers of sentiment, this paper distinguishes three types of sentiment named market integrated sentiment, institutional investor sentiment and individual investor sentiment. It summarizes the research leading clue for investor sentiment in the last twenty years, analyzes the research contents, methods, conclusions and shortages, and then ascertains some proper directions for future researches, in order to provide some beneficial help.