| 投资者的信息解释能力对股票交易量的影响 |
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| 引用本文： | 黄智锋,胡志勇.投资者的信息解释能力对股票交易量的影响[J].广州大学学报(社会科学版),2008,7(4):52-57. |
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| 作者姓名： | 黄智锋 胡志勇 |
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| 作者单位： | 1. 广州大学,数学与信息科学学院,广东,广州,510006
2. 广州大学,商学院,广东,广州,510006 |
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| 基金项目： | 广东省自然科学基金
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广东省广州市社会科学基金 |
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| 摘 要： | 基于对投资者精明度内涵的新认识——信息解释能力理论，文章构建了投资者的信息解释精度影响市场交易量的模型，尝试从不同视角探讨投资者信息解释能力对股票交易量的影响。研究发现：投资者的信息解释能力及其信息解释精度影响着交易量的变化。具体而言，交易量与买卖双方信息解释能力的差异正相关；当新信息披露时，投资者的信息解释能力越强，或专业投资者的比例越大，交易量将越小；专业投资者的信息解释能力越强，且与非专业投资者的差异越大，或专业投资者的比例越小，交易量将越大。
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| 关 键 词： | 专业投资者 信息解释能力 信息解释精度 交易量 |
Influence of Investors' Information Explanatory Capability on the Trade Volume |
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| HUANG Zhifeng,HU Zhiyong.Influence of Investors'' Information Explanatory Capability on the Trade Volume[J].Journal of Guangzhou University(Social Science Edition),2008,7(4):52-57. |
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| Authors: | HUANG Zhifeng HU Zhiyong |
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| Institution: | HUANG Zhifeng, HU Zhiyong ( 1. School of Mathematics and Information Science, Guangzhou University, Guangzhou, Guangdong 510006, China ; 2. School of Business, Guangzhou University, Guangzhou, Guangdong 510006, China) |
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| Abstract: | Based on a model of investors' precision of interpretation on information(PII) and market trade under a new hypothesis of the investors' sophistication,this paper tries to study the influence of investors' information explanatory capability(IEC) on the trade volume.Findings show that investors' IEC and PII affect the market trade volume.Which positively correlates with the discrepancy on IEC of buyers and sellers.Upon a new release,the higher the investors' IEC,the more professional investors,the less market trade.The larger discrepancy of IEC between professionals and non-professionals,the fewer professional investors,and the larger trade volume. |
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| Keywords: | professional investor information explanatory capability(IEC) precision of interpretation of information(PII) trade volume |
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