投资者情绪对股票收益的影响

The Impact of Investor Sentiment on Stock Returns

随着行为金融学的不断发展,人们发现股票收益大小在一定程度上不仅取决于投资者对股票价格的把控,同时也受投资人主观情绪的影响。众所周知,情绪往往对人的行为具有决定性的作用,积极的情绪会产生的积极的行为,积极的行为又会引起积极的情绪,形成一种良性循环,这种主观情绪被称为投资者情绪。本文从投资者情绪的定义入手,利用数学建模论证投资者情绪与股票收益的相互影响,借助案例,分析投资者情绪给投资收益带来的影响。

With the continuous development of behavioral finance, people find that the size of stock returns depends not only on the control of stock prices by investors, but also on the subjective sentiment of investors. As we all know, emotions often have a decisive effect on human behavior. Positive emotions produce positive behaviors. Positive behaviors can cause positive emotions and form a virtuous circle. This kind of subjective emotion is called investor sentiment.. This paper starts with the definition of investor sentiment, and uses the idea of mathematical modeling to demonstrate the mutual influence of investor sentiment and stock return, and through the case analysis, draws the investment enlightenment that investor sentiment brings to people.