银证转账、股票市场收益与投资者情绪  

Bank-Securities Transfer,Stock Market Returns and the Mood of Investors

作　　者：马强[1] 张钟元[2] 

机构地区：[1]辽宁大学经济学院,沈阳110036 [2]辽宁石油化工大学理学院,辽宁抚顺113001

出　　处：《云南财经大学学报》2016年第4期114-123,共10页Journal of Yunnan University of Finance and Economics

摘　　要：银证转账资金的方向和金额反映了投资者对股市未来走势的预期,文章从投资者情绪的角度对银证转账资金和股票市场收益的关系进行了理论和实证研究,结果表明:股市收益对银证转账资金的影响可以用正反馈交易假说解释;银证转账资金对股市收益的影响可以用投资者情绪假说解释,投资者情绪对于股市有一定的预测能力;牛市中价格压力假说不明显,熊市中较为明显。The direction and the amount of bank - securities transfer funds reflect the expectations of investors in the stock market. Based on the perspective of investor＇ s mood, this paper makes theoretical and empirical studies on the relationship between bank - securities transfer funds and stock market returns. Research shows that the impact of stock market returns on bank -securities transfer funds agrees with positive feedback trading hypothesis;The influences of stock market returns on banking - securities transfer funds can be explained by positive feedback hypothesis, and investor＇ s mood can predict the stock market to a certain extent, the price pressure hypothesis is not obvious in the bull market, but it is obvious in the bear market.

关 键 词：银证转账 投资者情绪 市场收益 

分 类 号：F830.91[经济管理—金融学]