信息优势与投资者地缘效应的关系研究

发布时间：2018-05-03 23:00

本文选题：地缘效应 + 信息不对称　；参考：《科研管理》2012年02期

【摘要】：投资者偏爱地理位置近的上市公司的现象被称为地缘效应,其成因一直是资本市场中的一个未解之谜。本文以上海、天津、大连的3710名投资者为研究样本,从信息优势角度解释了地缘效应。研究发现,中国资本市场内部存在地缘效应;信息优势与地缘效应之间存在倒U型关系,即当信息优势小于临界值时,地缘效应随着信息优势的增强而增强;当信息优势大于临界值时,地缘效应随着信息优势的增强而减弱。研究认为随着信息优势强度的增加,信息目标由少到多,信息涉及的上市公司由近及远,由此使得投资者投资的分散程度不断提高,这是信息优势与地缘效应之间呈现倒U型关系的主要原因。
[Abstract]:The phenomenon of investors' preference for geographically located listed companies is called geographical effect, and its cause has always been an unsolved mystery in the capital market. Based on 3710 investors in Shanghai, Tianjin and Dalian, this paper explains the geographical effects from the perspective of information superiority. The results show that there are geo-effects in Chinese capital market, there is an inverted U-type relationship between information superiority and geo-effect, that is, when the information advantage is less than the critical value, the geo-effect increases with the enhancement of information advantage. When the information advantage is greater than the critical value, the geographical effect weakens with the enhancement of the information advantage. The research believes that with the increase of the strength of information superiority, the information target is from less to more, and the listed company involved in information is near and far, which makes the degree of investment dispersion of investors increase continuously. This is the main reason for the inverted U-type relationship between information superiority and geographical effect.
【作者单位】：大连理工大学管理与经济学部;
【基金】：国家自然科学基金“基于管理者行为特征的盈余管理约束模型研究(70772087,2007-2010)” 中央高校基本科研业务费重大培育项目(DUT10ZD107) 人文培育项目(DUT10RW107) 教育部新世纪优秀人才支持计划(2010)项目资助
【分类号】：F832.51

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