摘要
噪声交易风险作为行为金融的研究重点其对资产定价起到重要影响。定量研究表明股票股利类的证券具有较为显著的噪声交易风险,而现金股利类证券无明显噪声交易,无股利类证券其噪声交易居于两者之间。结论认为行为资本资产定价模型更加适合持续股票股利类上市公司,其根本原因在于市场对这一分配模式的极度行为偏好。该偏好会对企业整体资产评估技术中参数选择产生重要影响,对短线投资者的股票选择也同样具有重要意义。
Noise Trader Risk as the research emphasis in the field of behavioral finance plays an important role in asset pricing. The quantitative study is shown that the Noise Trader Risk of stock with stock dividend is the highest one in the three different dividends’ modes, otherwise the Noise Risk of stock with cash dividend is the lowest one, and the risk of stock without dividend is between the above the two. The result is that Behavioral Asset Pricing Model is better suitable for listed companies with continuous stock dividend. The root cause of that is the extreme behavior preference for stock dividend from stock market. The special preference has an important effect on the parameter section in the technology of enterprise total assets evaluation,and it is also significant for the stock-picking of short-term investors.
出处
《泰州职业技术学院学报》
2014年第1期34-37,60,共5页
Journal of Taizhou Polytechnic College
关键词
股票股利
现金股利
无股利
噪声交易风险
stock dividend
cash dividend
none dividend
noise trader risk
