股票价格行为中的“盲盒现象”研究:以ST洲际为例  

The Blind Box Craze in Stock Market:The Case of ST Geo-Jade

作　　者：刘峰[1,2] 石昕 李胜难[2] Liu Feng;Shi Xin;Li Shengnan(Center for Accounting Studies,Xiamen University,Xiamen,Fujian,China 361005;School of Management,Xiamen University,Xiamen,Fujian,China 361005;School of Accountancy,Shandong University of Finance and Economics,Jinan Shandong,China 250014)

机构地区：[1]厦门大学会计发展研究中心,福建厦门361005 [2]厦门大学管理学院,福建厦门361005 [3]山东财经大学会计学院,山东济南250014

出　　处：《当代会计评论》2024年第2期141-154,共14页Contemporary Accounting Review

基　　金：国家自然科学基金重点项目“数智时代的企业投融资和风险管理”(72232007);山东省自然科学基金青年面上专项“证监会随机抽查对审计行为的影响机制与经济后果研究”(ZR2024QG133);厦门大学中央高校基本科研业务费专项资金(20720231010)的阶段性成果

摘　　要：脱口秀节目中关于ST洲际的负面段子引发了该股的网络热度,导致其股票交易量激增,随之股价盘内涨停。这一股票交易异象无法用传统金融学理论和现有的行为金融学理论来解释。本文在梳理事件经过、交易特征和股票价格行为文献的基础上,首次尝试用“盲盒现象”来概括该脱口秀事件中的股票交易异象,并提出相关的理论猜想,即发生脱口秀事件中股票交易异常现象的原因是:社交媒体时代,股票交易市场中存在一些年轻的投资者,他们的股票交易不单纯以追求价值增值为目标,而是通过股票交易获得参与感,满足自我认同和自我表达的心理诉求,即追求股票交易带来的情感性收益。本文通过ST洲际的案例分析,以期对读者理解类似的股票交易异象有所助益,并对股票交易异象相关的行为金融方面的文献有所补充。In a stand-up comedy show,a comedian’s negative jokes about ST Geo-Jade made this stock a trending event online,leading to a surge in its trading volume,and the stock price hit the daily limit during the trading session.This stock market anomaly cannot be explained by traditional financial theories or behavioral finance theories.After reviewing the ins and outs of this event,trading characteristics,and literature on stock price behaviors,this paper attempts to conceptualize the stock trading anomaly resulting from the stand-up comedy incident from the perspective of“Blind Box Craze”.We propose that,in the era of social media,apart from earning investment returns from stock trading,young investors in the stock market trade to gain a sense of participation and fulfill the need for self-identity and self-expression,i.e.,to gain emotional returns from this trading process.By analyzing the ST Geo-Jade case,this paper helps to understand similar stock market anomalies and contributes to the behavioral finance literature on stock market anomalies.

关 键 词：“盲盒现象” ST洲际 股票交易异象 情感性收益 

分 类 号：F832.5[经济管理—金融学]