媒体关注度对股票价格及投资者投资参与度的影响研究
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