投资者的网络舆情分歧会增加交易量吗?来自沪深 300 指数成分股的证据

Q4 Business, Management and Accounting
Zihuang Huang, Qing Xu, Xinyu Wang
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引用次数: 0

摘要

我们收集了沪深 300 指数成份股的网络舆情,并研究了网络舆情分歧对交易量的不同影响。我们发现,网络舆情有助于提高交易量,但投资者的网络舆情分歧会降低预期交易量。其中,讨论度较高的非金融类股票和中盘股股票受网络舆情分化的影响更为明显。通过对投资者影响程度的划分,我们发现高层次投资者的分歧会增加交易量,而低层次投资者的分歧会加剧交易量的减少。如果这两个层次的分歧都减少,则会产生更大的影响。我们认为,应重视对 "新人 "网络舆论的规范和引导。这不仅能提高 "姑婆 "的素质,也有利于中国股市的稳定发展。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Does Investors’ Online Public Opinion Divergence Increase the Trading Volume? Evidence from the CSI 300 Index Constituents
We collected online public opinions on the CSI 300 index constituents and investigated the different impacts of online public opinion divergence on trading volume. Here, we find that online public opinions are helpful in improving the trading volume, but the online public opinion divergence of investors reduces the expected trading volume. In particular, non-financial and mid-cap stocks with high levels of discussion are more significantly influenced by online public opinion divergence. Through the classification of investors’ influence levels, we find that the divergence among high-level investors increases the trading volume, while the divergence among low-level investors exacerbates the decrease in trading volume. A reduction in divergence for both levels will have a greater impact. We believe that attention should be paid to regulating and guiding the online public opinions of “newcomers”. This will not only improve the quality of Guba but also contribute to the steady development of the Chinese stock market.
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来源期刊
CiteScore
4.50
自引率
0.00%
发文量
512
审稿时长
11 weeks
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