空间交互视角下投资者情绪对股价的影响

doi:10.12068/j.issn.1005-3026.2020.01.025

东北大学学报:自然科学版 ›› 2020, Vol. 41 ›› Issue (1): 143-147.DOI: 10.12068/j.issn.1005-3026.2020.01.025

空间交互视角下投资者情绪对股价的影响

姜尚伟，金秀

(东北大学工商管理学院，辽宁沈阳110169)

收稿日期:2019-04-16 修回日期:2019-04-16 出版日期:2020-01-15 发布日期:2020-02-01
通讯作者: 姜尚伟
作者简介:姜尚伟(1992-)，女，辽宁沈阳人，东北大学博士研究生；金秀(1963-)，女，辽宁辽阳人，东北大学教授，博士生导师.
基金资助:
国家自然科学基金资助项目(71571041).

Effect of Investor Sentiment on Stock Prices from the Perspective of Spatial Interaction

JIANG Shang-wei， JIN Xiu

School of Business Administration， Northeastern University， Shenyang 110169， China.

Received:2019-04-16 Revised:2019-04-16 Online:2020-01-15 Published:2020-02-01
Contact: JIANG Shang-wei
About author:-
Supported by:
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摘要/Abstract

摘要： 从地理距离和利用消耗系数衡量的经济距离两个方面构建空间权重矩阵反映空间交互作用，从股票空间交互视角应用空间计量模型研究投资者情绪对股票价格的影响效应.研究发现，金融市场股票间存在显著空间交互作用，且空间交互作用对经济距离的敏感程度高于地理距离.在解释投资者情绪对股票价格的影响效应方面空间截面回归模型优于传统截面回归模型.研究结论提醒投资者在对资产进行定价和制定交易决策的过程中，必须充分认识潜在的空间交互作用.

关键词: 空间交互作用, 投资者情绪, 股票价格, 空间权重矩阵, 空间距离

Abstract: The spatial weight matrix reflecting spatial interaction was constructed from the two aspects of economic distance measured by consumption coefficient and geographic distance to study the effect of investor sentiment on stock prices from the perspective of spatial interaction. The results show that there is significant spatial interaction between stocks in the financial market， and the spatial interaction is more sensitive to economic distance than geographic distance. The spatial cross-sectional regression model is superior to the traditional cross-sectional regression model in explaining the effect of investor sentiment on stock prices. The conclusion reminds investors that in the process of asset pricing and transaction decision-making， it is necessary to fully understand the potential spatial interaction.

Key words: spatial interaction, investor sentiment, stock price, spatial weight matrix, spatial distance

中图分类号:

F830.91

姜尚伟，金秀. 空间交互视角下投资者情绪对股价的影响[J]. 东北大学学报:自然科学版, 2020, 41(1): 143-147.

JIANG Shang-wei， JIN Xiu. Effect of Investor Sentiment on Stock Prices from the Perspective of Spatial Interaction[J]. Journal of Northeastern University Natural Science, 2020, 41(1): 143-147.

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空间交互视角下投资者情绪对股价的影响

Effect of Investor Sentiment on Stock Prices from the Perspective of Spatial Interaction

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