股票简称的“好坏”会影响投资者行为吗?——基于字形、字频和字义的评价体系  

Does the“Quality”of Stock Names Affect Investors'Behavior?An Evaluation System Based on Character Shape,Frequency and Meaning

作　　者：蒋彧[1] 陈逸凡 JIANG Yu;CHEN Yifan(School of Business,Nanjing University,Nanjing Jiangsu,210093)

机构地区：[1]南京大学商学院

出　　处：《中国经济问题》2023年第4期165-180,共16页China Economic Studies

基　　金：教育部人文社会科学研究一般项目(17YJC790063)。

摘　　要：股票简称是投资者接触股票时获取的首要信息,其文字特征和信息含量会对个体投资者的认知产生影响。本文以2007—2018年A股上市公司为研究对象,基于字形、字频和字义对股票简称进行综合评价,进而研究股票简称质量对投资者行为和股票表现的影响。结果表明:简称字形简单、易于理解以及信息含量高的股票会吸引更多的个体投资者购买,拥有更多的个体股东,具有更高的流动性,产生明显的股价高估。上述效应在股市快速上涨期更显著。本文研究为监管部门审核股票简称以及上市公司编制股票简称提供了有益参考,对投资者合理制定投资决策有一定指导意义。Stock name is the primary and important information that investors get when they begin to know a stock.The literal features and information content of stock names may affect individual investors'cognition.Taking A-share listed companies in 2007-2018 as the research object,this paper first comprehensively evaluates the literal features and information content of stock names based on character shape,frequency and meaning,and then studies the effect of the quality of stock names on investors'behavior and stock performance.Results show that(1)stocks that have simple,easy-to-understand and highly informative names attract more individual investors to buy,have more individual shareholders,have higher stock liquidity and incur obvious overvaluation of stock price;(2)the stock name effect is more significant during the rapid rise of stock market.Our study provides useful reference for the regulatory authority to review stock names and for listed companies to prepare stock names,and has certain guiding implication for investors to make reasonable investment decisions.

关 键 词：股票简称 买入行为 个体股东 股票流动性 股价高估 

分 类 号：O213[理学—概率论与数理统计] F832.51[理学—数学]