论文部分内容阅读
中国文化中的数字迷信是否会影响投资者的选股行为而使得代码吉利的股票价格偏高?本文将这种可能出现的价格异象称为代码折溢价效应。通过对中国证券市场上不同代码尾号的上市首日表现的实证研究,本文得出中国证券市场曾经出现过显著的代码效应,但在近几年不复显著的结论,并且剖析了这种现象的原因。代码效应的消失从一定程度上反映了数字迷信的逐步破除和投资者素质的不断增强,亦可作为中国证券市场有效性增强这一结论的佐证。
Will the digital superstition in Chinese culture affect investors’ stock selection and make the stock price of Geely high? This paper calls this possible price anomaly the code discount premium effect. Through the empirical research on the first-day listing of different code tail numbers in China’s securities market, this paper concludes that there have been significant code effects in China’s securities market but no significant conclusions have been reached in recent years and this phenomenon has been analyzed s reason. The disappearance of the code effect reflects to some extent the gradual disintegration of the digital superstition and the continuous enhancement of the quality of investors, which can also serve as evidence of the conclusion that the effectiveness of China’s securities market is enhanced.