摘要
资本市场稳定对经济社会大局稳定具有重大意义,而如何促进资本市场稳健发展一直备受关注。本文选取我国2011—2022年A股市场数据,利用上市公司百度搜索指数,实证检验投资者关注度在股价崩盘风险中的影响效应和传导途径。研究发现,投资者关注程度的提升对股价崩盘风险有明显的抑制作用,且股票流动性在其中发挥了中介效应的作用。本文分析结论有利于进一步厘清市场投资者与股市崩盘风险之间的关联,为维护资本市场稳定提供政策启示。
The stability of the capital market is of great significance to the stability of the economic and social situation,and how to promote the sound development of the capital market has been of great concern.This paper selects China’s A-share market data from 2011 to 2022,and utilizes listed companies’Baidu search index to empirically test the effect of investor attention on stock price crash risk and the transmission path.Benchmark regression results show that the increase in the degree of investor attention has a significant inhibitory effect on stock price crash risk.Mechanism test shows that investor attention can reduce stock price crash risk by enhancing stock liquidity.The conclusions of this paper are conducive to further clarifying the association between market investors and stock market crash risk,and providing policy insights for maintaining capital market stability.
作者
任懿
Ren Yi(School of Economics and Management,Hubei University of Technology,Wuhan 430068,Hubei)
出处
《中国商论》
2024年第12期126-130,共5页
China Journal of Commerce
