摘要
股票价格反映市场信息同时又受到市场信息的影响。信息包括很多种类,大到国家宏观政策,小到亲朋好友之间的传言,都能够影响投资者的行为,进而影响股价。而新闻报道通过营造"拟态环境",一定程度上"建构"了投资者对于资本市场的认识。特别是财经新闻又是其中影响股票价格的重要因素。本文对报纸、网站和交易所公告这三类重要信息源中有关中国A股股票的98万篇新闻报道进行了统计研究,运用词频统计法,分析了每篇新闻报道中正面词语和负面词语的出现频率,发现新闻报道中正面词语出现频率高的股票相对于负面词语出现频率高的股票具有显著超额收益。
Stock prices reflect the market information and are also subject to market information. There aremany kinds of information, such as national macro policy and rumors among friends and family members, allthese can affect the behavior of investors, and thus affect the stock price. While the news report to some extent＂constructs＂ the investor＇s understanding of capital market by creating ＂mimicry environment＂. Financial news,in particular, is an important factor in the stock pricing. This article statistically studies 980,000 news reports onChinese A-share stocks in three important sources as Stock exchange, websites and newspapers. The applica-tion of the term-frequency analyzes the frequency of positive words and negative words of each news report. Itfinds out that the stocks which appear frequently in the positive words of the news reports has significantly highbenefits compared with the negative one.
出处
《财政科学》
2017年第9期135-140,共6页
Fiscal Science
关键词
新闻报道
词频统计
情感词
评价词
股价
News Report
Word Frequency
Emotional Words
Evaluation Words
Stock Price
