投资者情绪对股票市场影响的文献综述

Literature Review of the Influence of Investor Sentiment on Stock Markets

在投资者情绪的度量以及其对股票市场影响的研究中,我国学者与国外学者都是采用直接、间接和综合指标,但二者对情绪的代理变量不同。国外学者关于投资者情绪对股票市场影响的研究认为投资者情绪变动与股票品种、股票市场收益和波动性有显著的相关关系,同时还能预测未来的股票市场价格;我国学者认为投资者情绪能较好的预测股票市场回报率和收益率,并对当前的市场收益率、上市公司财务结果有显著影响。我国应结合本国实际,进一步加强相关研究,以期投资者可享受正确预测带来的收益。

Both researchers at home and abroad use direct, indirect and integrated indexes in evaluating investor sentiment and its impact on stock markets; hut they use different proxy variables. Foreign researchers hold the opinion that the sentiment change has prominent correlation with stock variety, stock market returns and fluctuation. Apart from that it can predict the future price of stocks. Chinese re- searchers believe the investor sentiment can well predict the return rates of stock markets and greatly influences the current market return rates and the financial outcome of public listed companies. Chinese researchers shall make further studies based on domestic conditions to have the investors enjoy returns brought about by correct predictions.