投资者注意力、媒体报道与股票价格波动:文献评述与展望

Investor Attention,Media Reports and Stock Price Volatility:A Literature Review

随着新闻媒体和资本市场的不断发展,媒体报道与股价波动之间的关系开始引起越来越多的学者关注。通过系统梳理媒体报道与股价波动研究领域的国内外相关文献,包括媒体报道对股价波动产生何种影响、两者之间的影响因素以及影响机制等,并对相关的研究成果进行总结,主要从投资者注意力这一角度出发,对媒体报道影响股价波动的原因进行分析,整理了实证研究之中的一些经验研究结果和投资者注意力、媒体报道次数、媒体报道语气等关键指标的测量方法和数据来源,在此基础之上,讨论了不同性质和背景的媒体报道如何影响投资者注意力及股票价格等未来可能的研究方向及思路。

With the continuous development of news media and capital markets,the relationship between media reports and stock price fluctuations has begun to attract more and more scholars＇ attention. This paper systematically sorts out the relevant domestic and foreign literatures in the field of media reports and stock price fluctuations,including the impact of media reports on stock price fluctuations,the influencing factors between them,and the impact mechanisms,and summarizes relevant research results. Mainly from the perspective of investor attention,the reasons for the impact of stock market fluctuations in media reports are analyzed,including some empirical research results,the measurement methods and data sources of the key indicators such as investor attention,media reports,and media coverage. And on this basis,put forward further ideas and suggestions for the possible expansion direction of future research.