社交媒体时代投资者行为传染及其启示——以游戏驿站为例的事件分析

Investor's Behavior Contagion and Its Implications——Based on the Case Analysis of GameStop

本文基于投资者有限理性及其在媒介信息与社会化交互作用下注意力及决策的传染机制,分析游戏驿站投资者在社交媒体信息传播与情绪因素的影响下,注意力聚焦与行为传染的过程,以及导致股价与交易量大幅波动的后果。分析结果认为,在社交媒体时代,操纵市场行为的认定、投资者分类管理、信息披露监管及企业财务信息披露都应作出适应性的调整。

Based on investors'limited rationality and its contagion mechanism of attention and decision making under the interaction of media information and socialization,this paper analyzes the process of attention focus and behavior contagion of GameStop investors under the influence of social media information dissemination and emotional factors,as well as the consequences that lead to large fluctuations in stock prices and trading volume.The results of the analysis suggest that the determination of market manipulation,investor classification management,disclosure regulation and corporate financial information disclosure should be adapted in the social media era.