投资者对市场传闻反应的影响因素分析——传闻准确性与媒体权威性的作用

Influence Factors of Investors′ Reaction to Market Rumors:The Role of Rumor Accuracy and Source Media Authority

金融市场中的各类传闻具有不同的特征。然而,传闻特征对投资者的作用尚未得到金融领域的实证检验。对中国A股市场中负面传闻的准确性和传闻媒体的权威性两大特征的研究发现,传闻准确性会对投资者的交易行为产生影响,传闻越准确,投资者反应越强烈。然而,此结论仅对权威媒体发布的传闻有效,原因在于投资者能够通过权威媒体正确预测传闻的准确性,而无法通过非权威媒体进行预测。

Rumors in market place have different characteristics.However,the impacts of rumor characteristics on investors are still unclear.The paper carries out a study on rumor accuracy and source media authority based on the negative rumors in China′s A-share market.The results show that： Rumor accuracy can influence investors′ transaction,the more accurate the rumor,the more intense reaction from investors.But this conclusion is only valid for the rumors released from authoritative media for investors can correctly predict the accuracy of rumors through authoritative media,but can not predict through non-authoritative media.The conclusions reveal the mechanisms of rumor characteristics in market place,and also have important practical significance to investors and securities regulators.