Research on Investor Sentiment in Chinese Special Securities Market
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In the study of the behavior finance, investor sentiment got a significant status. Especially in China Securities Market, investor sentiment could not only be the indicator of predicting the future market, but also the measure of the market vitality. The key to measure the investor sentiment is how to select the measure indicators. The indicators are diversified into three kind of indicators in the previous study. There are subjective indicators, objective indicators, and the component indicators. If we use those indicators directly, it is not suitable for China Securities Market more or less. We considered the dual economic structure and the Characteristic national conditions in China, take the comprehensive price index of agriculture products, price index of large-scale assets, and the component index to build the Polytomized Comprehensive Index of Investor Sentiment in China Security Market, PCIIS which could measure the investor sentiment properly. Finally, we optimize the PCIIS.
Investor sentiment, Chinese characteristics, Index, Securities market