媒体关注度对股票价格及投资者投资参与度的影响研究

摘要：近年来，媒体在资本市场中扮演着越来越重要的角色，对资本市场的影响也越来越大。国内外已经有许多学者对媒体与资本市场的关系做了研究，并且取得了一定的研究成果。在此基础上，本文选取沪深两市A股房地产板块上市公司的相关数据为样本，从互联网媒体影响股票价格和投资者投资参与行为的两个方面说明媒体对资本市场的影响。首先，通过主成分分析构造投资者投资参与度综合指标来衡量投资者的投资行为；其次，运用相关性分析和回归分析得出媒体关注度、股票价格和投资者投资参与度之间的关系；最后，根据结论提出建议:于资本市场，以期媒体能更好地为我国资本市场服务；于投资者，以期投资者能从媒体角度获得投资信息，使得投资利益最大化。25948
毕业论文关键词：媒体资本市场媒体关注度资产定价投资参与度
A study on the Impact of Media Attention Stock Price and Investor Investment Participation
——Based on the data of A-share Real Estate Industry
Abstract：In recent years，media coverage plays a more and more important role in capital market，and the impact on the capital market is also growing. Many scholars at home and abroad have made a lot of theoretical research on the relationship between media and capital market, and have made some research results. On this basis, this paper selects the relevant data of listed companies in Shanghai and Shenzhen from August 2011 to August 2016 as samples, and expounds the media to capital market from the perspective of media influence stock price and investor investment behavior impact. First, we use the principal component analysis to construct the investors' investment participation index to measure the investor's investment behavior. Secondly, we use the correlation analysis and the regression analysis to get the relationship between media attention, stock price and investor participation. Finally, according to the conclusions of the proposal, I hope the media can better serve the capital market in China, but also hope that investors obtain investment information from the media point of view, making the investment interests to maximize.
Key words: media coverage ; capital market ; media attention ; asset pricing ; investor investment participation
目录
摘要   1
关键词   1
ABSTRACT   1
KEY WORDS   1
一、引言   2
二、文献综述   2
(一)媒体理论概述   2
1、媒体与信息的关系   2
2、媒体的作用   2
(二)媒体关注影响资本市场的理论解释和中介路径   3
1、风险补偿理论   3
2、有限注意力理论   3
3、投资者情绪理论   3
三、研究设计   4
(一)研究假设   4
(二)样本选择和数据来源   6
(三)媒体关注度的度量及投资者投资参与度指标构建   6
1、媒体关注度度量   6
2、投资者投资参与度指标的构建   7
四、实证分析   8
(一)媒体关注度与股票价格的相关性分析   8
(二)投资者投资参与度主成分分析与因子分析   9
(三)投资者投资者参与度与股票价格的回归分析   10
五、研究结论与相关建议   11
(一)研究结论   11
(二)相关建议   11
致谢   11
参考文献   12
媒体关注度对股票价格及投资者投资参与度的影响研究——以A股房地产行业为例媒体关注度对股票价格及投资者投资参与度的影响研究:http://www.youerw.com/kuaiji/lunwen_19970.html