投资者有限关注与信息解读

发布时间：2018-01-12 16:13

本文关键词：投资者有限关注与信息解读　出处：《金融研究》2011年08期 　论文类型：期刊论文

【摘要】：本文以投资者在不同周期阶段中有差异的关注程度作为切入点,基于认知心理学中的"有限关注"理论,以投资者的立即反应和滞后反应为标杆,考察了投资者关注程度对其解读信息能力的影响。本文发现,当投资者关注程度不足时,对信息的即时解读效率降低,解读滞后增加;反之,当关注程度增加时,即时解读效率提高,解读滞后减少。投资者关注程度所影响的仅仅是信息传播和解读的效率,从长期来看,不会影响信息传播和解读的效果。另外,投资者关注在股市周期的不同阶段会出现有差异的波动,与熊市阶段相比,关注程度对于信息解读的影响作用在牛市阶段会得到进一步放大。同时,新准则的采用增强了投资者对于信息的理解,提高了信息在市场中的传播速度,资本市场效率得到显著增加。
[Abstract]:Based on the theory of "limited concern" in cognitive psychology, this paper takes the investor's immediate reaction and lag response as the benchmark. This paper examines the influence of investors' attention on their ability to interpret information. It is found that when investors' attention is insufficient, the efficiency of immediate interpretation of information decreases and the interpretation lags behind. On the contrary, when the degree of concern increases, the efficiency of immediate interpretation increases and the reading lag decreases. Investors' attention only affects the efficiency of information dissemination and interpretation, in the long run. It does not affect the effect of information dissemination and interpretation. In addition, investors are concerned that there will be different fluctuations in different stages of the stock market cycle, compared with the bear market stage. The effect of attention on information interpretation will be further amplified in the bull market. At the same time, the adoption of the new guidelines enhances investors' understanding of information and improves the speed of information dissemination in the market. Capital market efficiency has increased significantly.
【作者单位】：中国金融期货交易所;上海财经大学会计与财务研究院;
【分类号】：F832.48;F832.51;F224
【正文快照】： 一、引言信息及其传播效率是资本市场实现其“晴雨表”功能和有效配置资源的重要保证之一。由于投资者关注程度的变化所导致的理解和认知能力的差异会对其解读信息的效率产生怎样的影响是本文要考察的重点。投资者并不能够对信息进行正确的解读，盈余公告后漂移现象即是明证。

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