国际因素对我国证券市场的影响——从投资者情绪的角度研究

本文将一国投资者情绪分解为本土投资情绪与国际投资情绪，从而探究国际因素对国内证券市场的影响，并进一步将样本期分为牛、熊、平衡市三个子样本期。考察不同时期国际与本土投资情绪的互动关系是否为线性。结果发现，我国投资者易受国际投资情绪的影响，且不同时期国内与国际投资情绪的相互作用非线性。

The Influence of Global Factors on Domestic Capital Market-- From the Perspective of Investors＇ Sentiment

Based on previous studies, this paper goes further to decompose total investors＇ sentiment into global sentiment and local sentiment, anticipating to find the relationship between them. What＇s more, this paper divides the sample period into three different parts to see whether there is linear relationship between them. It turns out that our domestic investors＇ sentiment is easily influenced by global sentiment. The linear relationship does not exist. To understand this helps us to know our investors＇ behaviors better and anticipate the changes global sentiment may bring.