论文部分内容阅读
金融市场“异象”对传统金融学提出了挑战,行为金融理论也应运而生。鉴于投资者情绪是影响整个证券市场运行的重要因素,加强投资者情绪研究具有重要的现实意义。本文从行为金融学角度,以中国证券市场基金和股票的交易数据为研究样本,在综述国内外投资者情绪方面的相关文献,概述行为金融学关于投资者情绪的相关理论,以及对国内外投资者情绪测量的研究进行分析的基础上,构建了一个综合的机构投资者情绪指数。
Financial market “vision ” challenges traditional finance, behavioral finance theory also came into being. Since investor sentiment is an important factor affecting the entire securities market, it is of great practical significance to strengthen investor sentiment research. This article, from the perspective of behavioral finance, takes the transaction data of the funds and stocks in the Chinese securities market as the research sample, summarizes relevant literature on investor sentiment at home and abroad, outlines the relevant theories of behavioral finance on investor sentiment, Based on the analysis of the sentiment measurement research, a comprehensive institutional investor sentiment index is constructed.