媒体影响了投资者行为吗?——基于文献的一个思考  

Does Media Influence Investor's Behaviour? A Study Based on the Literature

作　　者：杨继东[1] 

机构地区：[1]中国人民大学经济学院,北京100872

出　　处：《金融研究》2007年第11A期93-102,共10页Journal of Financial Research

基　　金：北京奥尔多投资咨询中心的项目资助;国家自然科学基金项目"现代企业的知识管理与治理结构安排"(70472067)的阶段性成果

摘　　要：媒体的崛起已经成为现代社会的重要现象,而金融媒体又倍受关注。这自然引发一个思考:媒体会对投资者行为产生影响吗,这种影响又是如何发生的呢?这篇文章试图通过综述媒体影响资产价格的文献,思考媒体是如何影响投资者行为,进而影响资产价格的。本文主要贡献有两点:一是通过文献梳理,加深对媒体在投资者参与过程中所扮演角色的认识;二是讨论了媒体影响投资者行为的基本思路,为进一步研究媒体影响投资者行为的途径和机制提供了可借鉴的思考。The media has already become an important phenomenon in modern society, and meantime the financial media receives tremendous attention. The paper discusses that what kind of impact do the media have on the behaviors of investors and how could this happen if the media really have impact on the behaviors of investors？ The paper, which reviews the related research on the influence of media on the assets price,discusses how the media influence the behaviors of investors and therefore influence the assets price. The two main contributions of the paper are that firstly, the paper deepens our understanding of media＇s roles to the investors through systematical review of the literature, and secondly, the paper provides a valuable thinking for further study of the approaches and mechanisms of the influence of media on behaviors of investors.

关 键 词：媒体 资产价格 投资者行为 

分 类 号：G206[文化科学—传播学] F830.9[经济管理—金融学]