| CEO、董事长接受央视采访会影响股价吗？——基于投资者关注视角的实证研究; Does the CCTV Interview with CEO or Chairman Affect Stock Price?:An Empirical Analysis of the Effect of Investor Attention on Stock Price | |
| 李常青 ; Changqing Li ; 倪恒旺 ; Hengwang Ni ; 雷利民 ; Limin Lei | |
| 2015-06 | |
| 关键词 | 投资者关注 investor attention 央视采访 CCTV interview 媒体效应 CNN effect |
| 英文摘要 | 【中文摘要】随着新闻媒体的迅速发展，当前经济社会出现的信息富裕问题引发了注意力的稀缺问题。受制于注意力的有限性，投资者在投资决策过程中，如果有大量可获得的信息，有限关注不可避免。本文选取2010～2012年中国A股上市公司首席执行官（chief executive officer，CEO)、董事长接受央视采访这一特殊样本，有效地把信息从关注中分离出来，从而对关注与投资收益的关系进行研究。同时也对关注如何影响资产价格的影响机理进行了分析。利用电视采访数据和相关上市企业财务数据进行实证分析，本文发现，投资者会因为关注而产生注意力驱动交易行为，在事件日产生了显著为正的累计超额收益率并在其后反转，异常交易量出现显著变化并且与超额收益趋势大致相同。同时还发现，采访报道时长、节目播放时段以及事件日的顺延均会影响投资者关注行为，而节目频道和被采访人特征对投资者关注行为并无影响。 【Abstract】With the rapid development of news media， the information overloading problem in an economic society causes the attention scarcity problem. Restricted by limited attention， investors have to selectively process information in making investment decisions. The paper utilizes a sample of CCTV interviews with CEO or Chairman of China's A-Share market listed companies between 2010 and 2012，which effectively separates attention from information. We use this sample to study the effects of investors’ attention on stock price and analyze the channels through which investor attention affects prices. We find attention-driven trading behavior among investors. Specifically，there are significant positive cumulative abnormal returns on the event day，but the abnormal returns subsequently reverse and eventually become significantly negative. The pattern of abnormal trading volumes follows closely that of abnormal return.. In addition， we find that the length of the interview， the broadcasting time slot of the interview，and the extension the event period affect the effects of investors’ attention on prices， whereas broadcasting channels and the characteristics of the interviewee do not.; 国家自然科学基金项目“媒体治理：转型国家投资者保护的补充机制研究”（71172050) |
| 语种 | 中文 |
| 出版者 | 厦门大学《当代会计评论》编辑部 |
| 内容类型 | 其他 |
| 源URL | [http://dspace.xmu.edu.cn/handle/2288/98259]  |
| 专题 | 2015年第8卷 |
| 推荐引用方式 GB/T 7714 | 李常青,Changqing Li,倪恒旺,等. CEO、董事长接受央视采访会影响股价吗？——基于投资者关注视角的实证研究, Does the CCTV Interview with CEO or Chairman Affect Stock Price?:An Empirical Analysis of the Effect of Investor Attention on Stock Price. 2015-06-01. |
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