投资者情绪对股票市场稳定性影响研究

投资者情绪对股票市场稳定性影响研究摘要随着金融危机的频繁出现，市场“异象”频出，导致传统经济学的理论不足以解释，行为金融学应运而生。该理论将投资者定义为非理性，会受到多方外来因素的影响，对投资决策造成影响，使市场的走向偏离传统理论。目前，在国内股票市场散户基数大、投资情绪化、信息不对称情况严重的大环境下，探究投资者情绪与股票市场稳定性之间的关系显得尤为重要。本文采用文献综述法、统计分析方法、计量分析方法和归纳演绎法等方法，同时选取2014-2021年期间我国A股市场中所公开的相关会计信息数据，分析投资者情绪与股票市场稳定性的相关问题。首先在综述部分，补充对于研究背景描述的同时也表达了此次研究的内涵意义以及创新点：其次是文献综述方面，对国内外学者对投资情绪和股票市场稳定性的研究情况进行综述，同时界定和解释投资者情绪和股票市场稳定性的相关概念：再次结合现阶段我国股票市场的现状对现存问题进行归纳和分析：然后分析投资者情绪影响股票市场稳定性的作用机理并提出实证研究假设。依据CEFD、NIAC、PON、RIPO、TURN五个方面A股市场中所公开的会计信息，采用统计分析法和计量分析法进行研究：最后，针对实证研究的结论提出了主动披露信息，减少信息不对称、减少非效率投资，避免投资情绪化、合理分配资金，改善市场投资结构、增强司法管理，完善立法体系等政策建议。关键词：投资者情绪；股票市场稳定性；行为金融学；Bsu模型-I-Research on the Influence of Investor Sentiment on Stock MarketStabilityAbstractWith the frequent occurrence of financial crisis,the market "abnormal"frequency,resulting in the traditional economic theory is not enough to explain,behavioral financeemerged at the historic moment.According to this theory,investors are defined asirrational and will be affected by various external factors,which will affect investmentdecisions and make the market trend deviate from the traditional theory.At present,in thecontext of large retail base,emotional investment and serious information asymmetry inthe domestic stock market,it is particularly important to explore the relationship betweeninvestor sentiment and stock market stability.This paper adopts literature review method,statistical analysis method,econometricanalysis method and inductive deduction method to analyze the issues related to investorsentiment and stock market stability by using relevant accounting information datadisclosed in China's A-share market from 2014 to 2021.The first is the introduction of thispaper,mainly in the background of this paper,and derived the significance and innovationof the research;Secondly,the literature review,the domestic and foreign scholars on theinvestment sentiment and stock market stability of the review,and define and explain therelated concepts of investor sentiment and stock market stability;Thirdly,this paper sumsup and analyzes the existing problems based on the current situation of China's stockmarket.Then it analyzes the mechanism of investor sentiment affecting stock marketstability and puts forward empirical research hypothesis.According to the accountinginformation published in A share market from five aspects:CEFD,NIAC,IPON,RIPOand TURN,this paper adopts statistical analysis method and quantitative analysis method.Finally,according to the conclusion of empirical research,the author puts forward somepolicy suggestions,such as actively disclosing information,reducing informationasymmetry,reducing inefficient investment,avoiding emotional investment,rationallyallocating funds,improving market investment structure,strengthening judicialmanagement and perfecting legislation system.Key Words:Investor sentiment;Stock market stability;Behavioral finance Basu modelII-目录摘要......IAbstract一、绪论1(一)研究背景(二)研究的目的和意义(三)研究思路和研究内容.…2(四)研究方法与创新点.2二、相关概念与文献综述(一)相关概念.4(二)基本理论…