投资者有限关注与股票名称的“地名效应”——来自粤港澳大湾区规划发布的证据  

Investors’ Limited Attention and “Place Name Effect” in Stock Names: Evidences Released from the Planning of the Guangdong-Hong Kong-Macao Greater Bay Area

作　　者：窦笑晨 刘希鹏 汪玉兰 DOU Xiao-chen;LIU Xi-peng;WANG Yu-lan(Chinese Academy of Fiscal Sciences,Beijing 100142;Shanghai University of Finance and Economics,Shanghai 200433;Shanghai University of International Business and Economics,Shanghai 201602,China)

机构地区：[1]中国财政科学研究院,北京100142 [2]上海财经大学信息管理与工程学院,上海每200433 [3]上海对外经贸大学会计学院,上海201620

出　　处：《当代财经》2022年第12期137-148,共12页Contemporary Finance and Economics

基　　金：上海市哲学社会科学基金(青年项目)“国企混合所有制改革经济后果的研究”(2019EGL016)。

摘　　要：股票名称作为上市公司公开的身份名片,其如何影响投资者行为和资产定价值得引起关注。基于投资者“有限关注”理论,借助粤港澳大湾区规划发布这一外生冲击事件,采用事件研究法检验股票名称的“地名效应”对上市公司股票市场反应的影响发现,在面对外部宏观地域性利好消息时,投资者存在非理性的选择性关注行为,具体表现为,股票名称中含有相关地域信息的股票市场反应更强,印证了投资者有限关注理论。进一步考虑公司横截面差异的影响发现,公司成长性越高、分析师跟踪数量越多、机构投资者持股比例越高,越能有效降低投资者有限关注行为。同时,相比异地投资者,本地投资者有限关注更弱,投资决策更理性。因此,投资者应该合理评估上市公司市场价值,理性投资,抑制因“地名效应”导致的非理性投资行为。Stock names are regarded as the public identity cards of the listed companies, so it is worth noticing how it can affect investors’ behavior and assets pricing. Based on the theory of investors’ “limited attention”, this paper takes advantage of the exogenous shocking event of the release of the Guangdong-Hong Kong-Macao Greater Bay Area(GBA) planning to testthe impact of the“place name effect”of stock names on the response of the markets of listed companies’ stocks with the event research method. The findings show that when facing external macro-regional good news,investors would have irrational and selective attention behaviors, which is specifically reflected in the stronger response of the stock markets with relevant geographic information in the stock names. This confirms the theory of investors’ limited attention. The results of further consideration of the influence of corporate cross-section differences reveal that the higher the corporate growth, the more the number of analysts tracking, the higher the proportion of institutional investors’ shareholding, the more effectively reducing of the investors’ behaviors of limited attention. Meanwhile, compared with the investors from different places, the local investors have weaker limited attention, and their investment decisions are more rational. Thus, the investors should reasonably evaluate the market values of the listed companies, make rational investments, and restrain the unreasonable investment behaviors resulted from the place name effect.

关 键 词：投资者有限关注 股票名称 地名效应 粤港澳大湾区 

分 类 号：F830.91[经济管理—金融学]