噪声交易对我国证券市场的影响研究  

Research on the Impact of Noise Trading on China’s Securities Market

作　　者：罗子幸 LUO Zixing(Guizhou University of Finance and Economics,Guiyang,Guizhou Province,550025 China)

机构地区：[1]贵州财经大学,贵州贵阳550025

出　　处：《科技资讯》2021年第19期190-192,共3页Science & Technology Information

摘　　要：传统金融学理论认为投资者的噪声交易行为是随机发生的,对证券价格的影响微乎其微,由噪声交易导致的股价波动最终会调整回其内在价值。而近年来,我国证券市场上出现很多由投资者非理性行为所引起的股市异像,传统金融投资理论的完全理性假设受到了挑战,噪声交易理论在说明投资者是有限理性的同时也更合理地解释了异象。该文首先比较中国证券市场与发达国家证券市场间的主要的经济指标,其次通过实证分析探究噪声交易对证券市场价格影响且阐述如何影响了我国证券市场效率。根据实证分析结果,噪声交易行为在一定程度上造成了我国证券市场股价的波动,使得我国证券市场效率受到了一定的影响,并给出了一定的对策建议。Traditional financial theory holds that investors’noise trading behavior occurs randomly and has little impact on securities prices.The stock price fluctuation caused by noise trading will eventually adjust back to its internal value.In recent years,many stock market anomalies caused by investors’irrational behavior have appeared in China’s securities market.The complete rationality hypothesis of traditional financial investment theory has been challenged.Noise trading theory not only shows that investors are limited rationality,but also explains the anomalies more reasonably.This paper first compares the main economic indicators between China’s securities market and those of developed countries,then explores the impact of noise trading on the price of securities market through empirical analysis,and expounds how to affect the efficiency of China’s securities market.According to the results of empirical analysis,noise trading behavior has caused the fluctuation of stock price in China’s securities market to a certain extent,which has a certain impact on the efficiency of China’s securities market,and some countermeasures and suggestions are given.

关 键 词：噪声交易理论 有效市场理论 有限理性 行为金融学 

分 类 号：F832[经济管理—金融学]