投资者情绪短期对股票市场的影响研究  

Influence Research of Investor Sentiment on the Stock Market in the Short Term

作　　者：苍玉权[1] 殷旭东[1] 

机构地区：[1]南京审计大学统计系,江苏南京211815

出　　处：《商业经济》2016年第11期148-152,共5页Business & Economy

基　　金：江苏高校优势学科建设工程项目(PAPD)

摘　　要：随着互联网的发展,上市公司在社会化媒体平台发布信息,投资者评论这些信息并制定投资策略。现阶段,多数投资者是非理性的,他们缺乏获取真实信息的渠道,也不具备专业的投资理论知识,易受网络舆情的影响而产生"羊群效应"。通过利用中文文本分析技术对东方财富网股吧的评论进行分析,并构建投资者情绪指数,分析投资者情绪在短期对股票市场的影响。实证结果表明投资者情绪在短期的确会影响到股票的收益,该结论能帮助投资者有效利用互联网信息,制定投资决策。With the development of the Internet, listed companies release information in the social media platform, and investors review these information and formulate investment strategies. The majority of investors now are irrational, lack of real information channel and professional knowledge of investment theory, and susceptible to network public opinion and produce ＂sheep-flock effect＂. The study analyzes the comments of Eastmoney Guba by means of Chinese text analysis technology, the construction of investor sentiment index, and the influence of investor sentiment on the stock market in the short term. The empirical results show that investor sentiment really affects stock returns. This conclusion can help investors to effectively use the Internet information and formulate investment decisions.

关 键 词：文本分析 投资者情绪 股票收益 影响研究 

分 类 号：F640[经济管理—产业经济]