摘要
金融市场有效性假说是对财务信息与股票价格的关联性的经典解释,但资本市场存在信息漏出现象。本文基于2013~2016年的数据对互联网货币基金市场上的财务信息披露与投资者行为的关系进行了实证检验。研究发现,互联网货币基金的收益率和基金规模两个财务信息是影响投资者行为的主要因素。另外,＂赎回困惑＂现象在互联网货币基金市场是存在的。需要建立相应市场机制减少金融摩擦,同时鼓励市场参与者修正自身的非理性行为,促进市场资本价格与财务信息的一致。
Financial market efficiency hypothesis is a classic explanation of the relationship between financial information and the stock price, but information leakage phenomenon exists in the capital market. Based on the data from 2013 to 2016, this paper empirically examined the relationship between financial information disclosure and investor behavior in the Internet monetary market. The results showed that two financial information--rate of return and the size of the fund are the main factors that affect the behavior of investors. In addition, the ＂redeem confusion＂ phenomenon in the Internet monetary fund market exists. It is necessary to establish the corresponding market mechanism to reduce the financial friction, at the same time encour- age market participants to revise their irrational behavior, and promote the consistency of mar- ket capital price and financial information.
出处
《数量经济研究》
CSSCI
2017年第1期105-114,共10页
The Journal of Quantitative Economics
基金
国家社会科学基金青年项目“流动性结构失衡背景下的我国金融脆弱性与金融风险管理”(14CJY004)
中央高校基本科研业务费专项资金(22614817)
广东省高水平大学建设统筹项目重点培育研究项目的联合资助
关键词
互联网货币基金
投资者行为
财务信息
信息披露
Internet Monetary Fund Investor Behavior Financial Information InformationDisclosure
