摘要
股票市场的稳定健康发展对整个金融市场风险管控至关重要,而投资者是股票市场运行的主体因素,因此投资者情绪如何影响股票市场受到学者们的广泛关注。近些年来,众多学者运用不同的研究方法以及不同情绪代理指标分析投资者情绪对股票市场的影响。本文将从投资者情绪对股票收益率、波动率以及收益—波动关系方面对现有研究结论进行分类、总结和分析,并对未来的研究方向进行了展望。
The stable and healthy development of the stock market is crucial to the risk management of the whole financial market. Investors are the main factor in the stock market operation. Therefore,how investors＇ sentiment affects the stock market has attracted scholars＇ widespread attention. In recent years,many scholars have used different research methods and different investor sentiment proxy indicators to analyze the impact of investors＇ sentiment on the stock market. The paper intended to classify,summarize and analyze the existing research conclusions from the perspective of investor sentiment on stock returns,volatility,and the relationship between earnings and volatility. In the end,the paper prospects the future research direction.
作者
董孝伍
DONG Xiao-wu(School of Economics and Management,Shanxi Normal University,Linfen,Shanxi 041001,China)
出处
《山西师大学报（社会科学版）》
2018年第5期30-35,共6页
Journal of Shanxi Normal University(Social Science Edition)
基金
山西省软科学研究计划项目(2015041013-2)
关键词
投资者情绪
收益率
波动率
收益—波动关系
investors＇ sentiment
return rate
volatility
return-volatility relationship
