登录 EN

添加临时用户

股票名称是否会影响股票买卖

Research on the Relationship Between the Stock Names and Investor Behavior

作者:陈显顺
  • 学号
    2015******
  • 学位
    硕士
  • 电子邮箱
    994******com
  • 答辩日期
    2017.05.24
  • 导师
    王茵田
  • 学科名
    金融
  • 页码
    33
  • 保密级别
    公开
  • 培养单位
    051 经管学院
  • 中文关键词
    股票名称,持股户数,流动性,行为金融学
  • 英文关键词
    Stock Name,Shareholder Number,Liquidity,Behavioral Finance

摘要

自古以来,名称的内在寓意在中国人民心里意义重大,该现象不仅存在于生活之中,更是存在于投资市场中。股票简称和代码作为投资者投资过程中必须接触的信息,其简洁度、通顺度、寓意度是否会影响投资者决策?这是本文主要研究的目的。就此,本文基于2013年到2015年的筛选后的1132个上市公司样本,建立了股票名称得分评价体系,采取了截面数据回归的方法进行实证研究检验,针对股票名称与股票买卖、流动性等问题进行了探究。本文研究发现,“名称效应”显著存在于我国A股市场之中。一般而言,名称得分越高的上市公司,其持股户数越多、户均持股比例越少、换手率越高、流动性越强。不仅如此,本文还发现该“名称效应”在主板、中小板和创业板之间存在强弱程度差别,主板的“名称效应”强,中小板次之,创业板最不明显。上述现象从行为金融学的角度,表现了投资者个人非理性行为对股票市场的影响。对此,投资者应保持理性投资,而监管层则需要加强对上市公司股票简称的监管,避免名不符实,保护投资者利益。

Since ancient times, the intrinsic meaning of the name is of great significance in the hearts of the Chinese people. This phenomenon not only exists in our basic life, but also in the investment market. As a kind of information that must be contacted by investors, stocks’ name and code, will them affect the investor’s decision? This is the main purpose of this paper. In this connection, this paper use the stock samples between 2013 to 2015 for regression analysis. It is found that the “name effect” exists in the stock market. In general, the higher the score of the stock name of the listed company, higher the shareholding ratio, less the average number of households holding, higher the turnover rate, faster the liquidity. This paper also find that the "name effect" is different among the motherboard, small board and GEM. Motherboard’s “name effect” is stronger, while the small board and the GEM are not very obvious. These phenomena reflect the influence of individual irrational behavior on the market. In this regard, investors should maintain a rational investment, and regulators need to strengthen the supervision of the listing company’s stock name to protect the interests of investors.