股价、投资者情绪与模型估值研究综述

摘要

传统金融理论认为股票的价格是由其基本价值决定的，价值的变化影响着股价的变化。因此，用估值模型来计算股票的基本价值作为投资的依据被广为使用。然而随着行为金融学的兴起和发展，投资者情绪引发的“资产误定价”成为新的研究热点，很多学者认为投资者情绪的变化影响着股价的波动。本文分别从模型估值对股价的影响和投资者情绪对股价的影响两条线索进行文献综述，为相关的比较分析提供参考。%The traditional financial theory thinks that the price of the stock is determined by its fundamental value, and the change of the value affects of the change of the share price. Therefore, the valuation model can be widely used as the basis of investment to calculate the basic value of the stock. With the rise and development of the behavioral finance, however,“asset pricing by mistake”caused by the investors’ sentiment has become the new research topic, and many scholars believe that the change of the investors’ sentiment affects the fluctuations of the stock price. The paper makes the literature reviews respectively from two clues including the effect of the valuation model on the stock price and the effect of the investors’ sentiment on the stock price so as to provide a refer-ence to the relevant comparative analysis.