媒体报道与股票市场相关性研究The Correlation between the Media Reports and the Stock Markets
陈瑞群,陈周硕
摘要(Abstract)：
本文基于框架理论和前景理论研究视角,运用计量经济学研究方法,尝试揭示不同股市状态下媒体倾向性报道与上市公司股价涨跌幅度的关系。研究显示,处于股市行情的不同状态(牛市或熊市),倾向性新闻框架与上市公司股价涨跌幅度的相关性有所不同:牛市时,正、负倾向性新闻框架与上市公司股价涨跌幅度均呈现显著正相关,正、负倾向性新闻框架对股价涨幅均具有推升作用且影响程度相当;熊市时,正、负倾向性新闻框架与上市公司股价涨跌幅度均呈现负相关,负倾向性新闻框架的影响大于正倾向性新闻框架;处于相对平稳的股市状态时,二者均呈显著相关,但正倾向性新闻框架与股价增长幅度的相关性强于负倾向性新闻框架与股价跌落幅度的相关性。
关键词(KeyWords)： 倾向性报道;股价涨跌幅度;框架理论;前景理论
基金项目(Foundation):
作者(Author): 陈瑞群,陈周硕
DOI: 10.16602/j.gjms.20210050
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