中国A股投资者情绪与股票收益的实证研究.pdfVIP

因素影响的，及时是同一因素，不同的时间、不同的环境下，对投资者情 绪的影响也不一定相同。鉴于上述原因，本文的研究存在以下不足：由于 样本区间和市场结构变化的双重影响，只能开展投资者情绪与近期市场行 为的研究。受市场结构变化的制约，研究结论尚未比能准确反映市场面貌， 即使准确反映了当前市场运行规律，也不一定能成为“永恒的真理”。 关键词：投资者情绪；行为金融；股票市场指数 Abstract The main focus of this paper is the investor sentiment index and the A share market, the relationship between the investor sentiment in the connotation and classification on the basis of the selected representative of the quantitative indicators of investor sentiment, the paper selected the central television program, the China Securities sets a column - the stock market in a survey conducted by the weather station data. Weather station CCTV stock market investor sentiment is currently the most affected, the longest published dominant investor sentiment survey. China Central Television as a result of the broad masses of the people and stockholders of the image and a huge influence, China Securities section in China have a high degree of awareness and participation. Through empirical analysis, focusing on a measure of investor sentiment on the A-share market index prediction capabilities, as well as the A-share market index Up to reverse the impact of investor sentiment, as the indicators used in the data is divided into days and weeks of data, it all the empirical analysis in this chapter are from the days and weeks of two-pronged. As a result of this paper to measure investor sentiment data derived from institutional investors, it also reflects the conclusion behavior of institutional investors: the conclusion is that institutional investors expected the markets futur