| 证券投资基金的信息能力与价格发现机制的及时反应模式 |
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| 引用本文： | 胡志勇,魏明海.证券投资基金的信息能力与价格发现机制的及时反应模式[J].系统工程,2005,23(7):55-61. |
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| 作者姓名： | 胡志勇 魏明海 |
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| 作者单位： | 1. 广州大学,经济与管理学院,广东,广州,510091
2. 中山大学,管理学院,广东,广州,510275 |
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| 基金项目： | 国家自然科学基金资助项目（70172023）;广东省自然科学基金资助项目 |
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| 摘 要： | 运用事项研究法，以2000～2002年中国证券投资基金的重仓股为对象，探讨了信息能力对股票价格发现机制的影响。研究发现：证券投资基金重仓股的价格发现机制曼早、更多地反映了盈余新信息，并对未预期的真实盈余和管理盈余作出了理性的辨析。为此，就市场价格发现机制的反应而言，证券基金收集和解释财务信息的能力明显强于非专业投资者，使得其重仓股价格的财务信息内涵更丰富。
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| 关 键 词： | 证券投资基金 重仓股 价格发现机制 信息能力 |
| 文章编号： | 1001-4098（2005）07-0055-07 |
| 收稿时间： | 2005-04-29 |
| 修稿时间： | 2005-04-292005-05-17 |
The Information Capability of the Security Investment Fund and The Timely Reflection Model of The Price Seeking Mechanism |
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| HU Zhi-yong,WEI Ming-hai.The Information Capability of the Security Investment Fund and The Timely Reflection Model of The Price Seeking Mechanism[J].Systems Engineering,2005,23(7):55-61. |
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| Authors: | HU Zhi-yong WEI Ming-hai |
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| Abstract: | Focusing on the stocks invested heavily by Security Investment Funds (SIF), the paper explores the influences of SIF's information capability on the stock market price seeking mechanism (MPSM) during the earning announcement by the means of the event study. As expected, the findings show that the MPSM of stocks invested heavily by SIF reacts to new earning information early and quickly, and makes a significant response to unexpected real earning, but not to the earning manipulated. As for the reflection of the MPSM, SIF reveals obviously a strong information collection and explanatory capability than that of the non-professional investor, and makes the price of stock invested heavily by SIF assimilate more financial information. |
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| Keywords: | Security Investment Fund Stock Invested Heavily Price Seeking Mechanism~ The Information Capability |
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