本文選題：資本市場(chǎng)　切入點(diǎn)：百度指數(shù)　出處：《南方金融》2017年08期

【摘要】：網(wǎng)絡(luò)熱度如何影響投資者對(duì)相關(guān)概念股票的投資決策,是具有現(xiàn)實(shí)意義的研究課題。本文選取"人工智能"概念板塊作為研究對(duì)象,根據(jù)百度指數(shù)的演變過(guò)程,分階段研究人工智能概念的網(wǎng)絡(luò)熱度與人工智能概念板塊股票量?jī)r(jià)的相關(guān)關(guān)系。結(jié)果發(fā)現(xiàn):在相關(guān)概念不具備炒作基礎(chǔ)時(shí),股票整體表現(xiàn)與投資者關(guān)注度沒(méi)有顯著聯(lián)系;在概念熱度受重大利好新聞事件引爆時(shí),預(yù)期平均異常收益呈現(xiàn)一定的周期性規(guī)律,震蕩周期遞減;當(dāng)概念受到廣泛關(guān)注且前景被看好時(shí),百度指數(shù)的波動(dòng)與相應(yīng)概念股票超額收益率顯著相關(guān),反映概念板塊存在炒作現(xiàn)象。基于上述研究結(jié)果,為保護(hù)投資者利益、促進(jìn)股票市場(chǎng)健康穩(wěn)定發(fā)展,要改進(jìn)資本市場(chǎng)監(jiān)管方式,可將百度指數(shù)作為領(lǐng)先指標(biāo),對(duì)市場(chǎng)炒作熱點(diǎn)進(jìn)行預(yù)判,防止概念的過(guò)度投機(jī)炒作;加強(qiáng)資本市場(chǎng)投資者教育,引導(dǎo)投資者進(jìn)行價(jià)值投資,避免過(guò)度投機(jī);完善資本市場(chǎng)信息披露制度,督促上市公司保證信息披露的完整性和真實(shí)性,確保投資者獲得透明和充分的市場(chǎng)信息。
[Abstract]:How the network heat affects investors' investment decision on related concept stocks is a research topic of practical significance.This paper selects "artificial intelligence" concept plate as the research object, according to the evolution process of Baidu index, studies the correlation between the network heat of the artificial intelligence concept and the stock price of the artificial intelligence concept plate in stages.The results show that the overall performance of the stock is not significantly related to the investor's attention when the related concepts do not have the basis of speculation, and when the concept heat is triggered by the major positive news events, the expected average abnormal return presents a certain periodicity.When the concept is widely concerned and the prospect is optimistic, the fluctuation of Baidu index is significantly related to the corresponding concept stock excess return, which reflects the phenomenon of speculation in the concept plate.Based on the above research results, in order to protect the interests of investors and promote the healthy and stable development of the stock market, to improve the mode of supervision of the capital market, we can take the Baidu index as the leading index to pre-judge the hot spots of market speculation.To prevent excessive speculation in the concept, to strengthen the education of investors in the capital market, to guide investors to invest in value and to avoid excessive speculation; to improve the system of disclosure of information in the capital market, and to urge listed companies to ensure the integrity and authenticity of information disclosure,Ensure that investors have access to transparent and adequate market information.
【作者單位】： 蘇州科技大學(xué)商學(xué)院;巴黎高等商學(xué)院;中國(guó)人民大學(xué)國(guó)際學(xué)院;
【分類號(hào)】：F832.51

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本文編號(hào)：1690559