摘要
空气质量能够通过情绪渠道和信息渠道去影响投资者的决策和投资行为,从而影响股票市场。采用2014年5月14日至2017年2月17日的上证指数、全国PM2.5指数以及百度指数数据,对空气质量如何影响股票市场及其影响力度进行实证分析。结果显示空气质量能够显著地影响股票市场,且季节性紊乱会加剧这一影响力度。此外空气质量对上证工业指数的影响大于上证综指,表明空气质量对特定行业的影响大于整体市场,而信息获取方式又会影响到影响的方向和力度。
Air quality can influence investor＇s decision-making and investment behavior through emotional channels and information channels,thus affecting the stock market.This paper uses the Shanghai Composite Index,National PM2.5 Index and Baidu Index data from May 14,2014 to February 17,2017,and analyzes the impact of air quality on the stock market and its impact.The results show that air quality can significantly affect the stock market,and seasonal disorders will exacerbate this effect.In addition,the impact of air quality on the Shanghai Composite Index is greater than the Shanghai Composite Index,indicating that the impact of air quality on specific industries is greater than the overall market,and information access will affect the direction and intensity of the impact.
出处
《科技和产业》
2017年第9期134-137,共4页
Science Technology and Industry
