论文部分内容阅读
投资者偏爱地理位置近的上市公司的现象被称为地缘效应,其成因一直是资本市场中的一个未解之谜。本文以上海、天津、大连的3710名投资者为研究样本,从信息优势角度解释了地缘效应。研究发现,中国资本市场内部存在地缘效应;信息优势与地缘效应之间存在倒U型关系,即当信息优势小于临界值时,地缘效应随着信息优势的增强而增强;当信息优势大于临界值时,地缘效应随着信息优势的增强而减弱。研究认为随着信息优势强度的增加,信息目标由少到多,信息涉及的上市公司由近及远,由此使得投资者投资的分散程度不断提高,这是信息优势与地缘效应之间呈现倒U型关系的主要原因。
Investors’ preference for geographically near-listed companies is known as geopolitics, the cause of which has been a mystery in the capital markets. Taking the 3710 investors in Shanghai, Tianjin and Dalian as the research samples, this paper explains the geopolitical effects from the perspective of information superiority. The research finds that there exists geo-effect in China’s capital market. There is an inverted U-shaped relationship between information superiority and geo-economic effect. When the information superiority is less than the critical value, the geopolitical effect increases with the enhancement of information superiority. When information superiority is greater than the critical value Geo-effects diminish as information superiority increases. The research shows that with the increase of the intensity of information superiority, the information goal is from less to more, and the listed companies involved in the information are near and far, thus increasing the degree of diversification of investors’ investment. This is the result of the information superiority and the geo-effect U-type relationship between the main reason.