西安石油大学学报（社会科学版）2024，Vol.33Issue(1)：9-17,9.
投资者情绪与股价同步性研究
Research on Synchronicity of Investor Sentiment and Stock Price
王小鹏 1史陈菲1
作者信息
- 1. 西安石油大学经济管理学院,陕西西安 710065
- 折叠
摘要
Abstract
Taking A-share listed companies in Shanghai and Shenzhen Stock Exchanges from 2018 to 2021 as samples,this paper studies the influence and mechanism of investor sentiment on stock price synchro-nization.The results show that there is a significant positive correlation between investor sentiment and stock price synchronicity,which supports the theory of"information efficiency".High investor sentiment can increase share price synchronicity by increasing financing constraints.Further research shows that the positive effect of investor sentiment on stock price synchronization is more obvious in the enterprises with lower securities super-vision,lower accounting conservatism and higher equity incentive.Some suggestions are put forward to restrain stock price synchronicity from optimizing information acquisition channels,perfecting internal information dis-closure mechanism and strengthening supervision functions of regulatory departments.关键词
股价同步性/投资者情绪/融资约束Key words
stock price synchronization/investor sentiment/financing constraint分类
管理科学引用本文复制引用
王小鹏,史陈菲..投资者情绪与股价同步性研究[J].西安石油大学学报（社会科学版）,2024,33(1):9-17,9.
