| 投资者情绪与证券市场活跃度关系的实证研究 |
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| 引用本文： | 刘超.投资者情绪与证券市场活跃度关系的实证研究[J].哈尔滨工业大学学报(社会科学版),2006,8(5):103-107. |
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| 作者姓名： | 刘超 |
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| 作者单位： | 天津大学,管理学院,天津,300072 |
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| 摘 要： | 投资者情绪是反映投资者对未来投资意愿或预期的市场人气指标,通过选择“央视看市”投资者情绪调查数据作为投资者情绪指标的依据,运用统计比较、Pearson相关分析和格兰杰因果检验的方法,分析投资者情绪指标和衡量市场活跃度的指标———成交量、成交金额、换手率之间的关系。研究表明,投资者情绪和股票市场的活跃度有非常直观的联系和比较一致的运行趋势,有较强的相关性,而且也相互影响。投资者情绪指标为我们提供了分析投资者心理与行为模式的工具,监管部门也可以通过调节和引导投资者情绪来调控市场运行节奏。
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| 关 键 词： | 投资者情绪 证券市场 活跃度 |
| 文章编号： | 1009-1971(2006)05-0103-05 |
| 修稿时间： | 2005年11月7日 |
An Empirical Analysis on the Connection between Investor Sentiment and Activity in Chinese Stock Market |
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| LIU Chao.An Empirical Analysis on the Connection between Investor Sentiment and Activity in Chinese Stock Market[J].Journal of Harbin Institute of Technology(Social Sciences Edition),2006,8(5):103-107. |
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| Authors: | LIU Chao |
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| Abstract: | Investor sentiment is a market enterprise index which reflects investor's desire or expectation in the future.Basing investor sentiment on datum of CCTV security column investigation,the author analyzes the relation between investor sentiment index and activity index-trading volume,dollar volume,share turnover,by applying statistical analysis,Pearson analysis and Grainger analysis.The results suggest that there are very external relation and relatively consistent trend,strong correlation,mutual impact between investor sentiment and activity.Investor sentiment index provides means of analyzing investor's psychology and behavioral modes.Supervisory department can control the rhythm of market movement by adjusting and regulating investor sentiment. |
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| Keywords: | investor sentiment stock market activity |
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