财经新闻、个体投资者交易行为与股价波动

Financial News,Individual Investors’Trading Behavior and Stock Price Volatility

随着互联网的普及,财经新闻对股市的影响日趋深远,尤其在以个体投资者为主导的中国市场上,财经新闻更易通过影响个体投资者的交易决策进而影响资产价格行为。基于个体投资者账户交易数据,利用三步回归法,从数量、语调和类型等方面考察财经新闻对个体投资者交易行为与股价波动的影响,探索其在个体投资者交易行为的中介作用,以期为个体投资者审慎决策和监管层加强股市风险管理提供借鉴。

With the popularity of Internet,financial news has an increasing influence on the stock market day by day,especially in the Chinese stock market dominated by individual investors,financial news is more likely to influence the behavior of asset price by affecting individual investors’trading decisions.This paper,based on individual investors’account trading data,uses three-step regression method to investigate the influences of financial news on individual investors’trading behavior and stock price volatility,and explores the mediator effect on individual investors’trading behavior from three aspects of quantity,tone and type of financial news,hoping to provide references for individual investors to make trading decision and the manager to strength risk management of stock market.