媒体情绪能够影响投资者情绪吗——基于新兴市场门槛效应的研究  

Can Media Sentiment Impact Investor Sentiment----Based on the Study of the Threshold Effect of Emerging Markets

作　　者：黄宏斌[1,2] 刘树海[1] 赵富强[3] 

机构地区：[1]天津财经大学商学院,天津300222 [2]天津财经大学博士后流动站,天津300222 [3]天津财经大学理工学院,天津300222

出　　处：《山西财经大学学报》2017年第12期29-44,共16页Journal of Shanxi University of Finance and Economics

基　　金：国家自然科学基金青年项目(71402115);中国博士后科学基金特别资助项目(2017T100156);中国博士后科学基金面上项目(2015M570227);教育部人文社科重点研究基地重大项目(15JJD6300001);天津财经大学优秀青年学者资助计划(YQ1507)

摘　　要：从市场层面研究媒体情绪对投资者情绪的影响,探究媒体情绪在不同投资者情绪状态下所发挥的作用,以及不同的媒体类型对投资者情绪的影响。研究发现,当投资者情绪低落时,媒体情绪与其显著负相关,未能起到平抑低落投资者情绪的作用;在高涨区间,两者显著正相关,媒体情绪的助推效果显著;在理性区间,媒体情绪对投资者情绪没有影响。不同类型媒体在高涨区间对投资者情绪的影响存在显著差异,政府控制型媒体的拉动效果更加明显。At the market level, we explore the influence of media sentiment on investor sentiment and the role of media played with different investor sentiment, also the impact of different type of media. The study finds that, when an investor is depressed, media sentiment has no effect on changing it. While facing enthusiastic investors, media sentiment and investor sentiment are positively cor- related. The media sentiment has no effect on rational investors. We also find that, different type of media impacts investor sentiment differently. Policy-oriented media have a maximum influence on depressed investors, while market-oriented media are most likely to influence enthusiastic ones.

关 键 词：媒体情绪 投资者情绪 门槛回归 

分 类 号：F832.5[经济管理—金融学]