人工智能网络热度与其概念股绩效的相关性研究

发布时间：2018-03-31 11:34

本文选题：资本市场　切入点：百度指数　出处：《南方金融》2017年08期

【摘要】：网络热度如何影响投资者对相关概念股票的投资决策,是具有现实意义的研究课题。本文选取"人工智能"概念板块作为研究对象,根据百度指数的演变过程,分阶段研究人工智能概念的网络热度与人工智能概念板块股票量价的相关关系。结果发现:在相关概念不具备炒作基础时,股票整体表现与投资者关注度没有显著联系;在概念热度受重大利好新闻事件引爆时,预期平均异常收益呈现一定的周期性规律,震荡周期递减;当概念受到广泛关注且前景被看好时,百度指数的波动与相应概念股票超额收益率显著相关,反映概念板块存在炒作现象。基于上述研究结果,为保护投资者利益、促进股票市场健康稳定发展,要改进资本市场监管方式,可将百度指数作为领先指标,对市场炒作热点进行预判,防止概念的过度投机炒作;加强资本市场投资者教育,引导投资者进行价值投资,避免过度投机;完善资本市场信息披露制度,督促上市公司保证信息披露的完整性和真实性,确保投资者获得透明和充分的市场信息。
[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.
【作者单位】：苏州科技大学商学院;巴黎高等商学院;中国人民大学国际学院;
【分类号】：F832.51

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