新闻对上海股票市场股价影响的实证分析

文章在界定新闻含义的基础上,借鉴国外学者在外汇领域建立新闻模型的研究思路和方法,建立股票市场狭义线性新闻模型,试图从新闻角度来解释股价变动的原因。以沪市为例进行实证研究表明,在所取样本区间,股票市场狭义线性新闻模型成立,新闻对沪市股价变动有显著影响:"人民币/美元汇率指数"新闻项、"消费价格指数"新闻项和"燃料动力价格指数"新闻项对股价变动存在显著性影响。

Empirical Analysis of the Influence of the Press to Shanghai Stock Market

The article draws lessons from the foreign scholars to develop the way of thinking and approach of the press model in the field of foreign exchange to set up the narrow sense linear press model of the stock market, based on the work of defining the meaning of press. The article tries to explain the reason of the stock price fluctuation from the press angle. Taking Shanghai City as an example, the study shows that the stock market narrow sense linear press model is tenable, press do has significant influence on the stock price. To be specific, the news of "the exchange rate of RMB Yuan to US Dollar", "the consumer's price index" and "the fuel and power price index" have influences on the fluctuation of stock price.