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本文借助对中国股市个人投资者进行的抽样调查数据,利用非参数假设检验和系统聚类分析,比较分析了12个股市传闻治理策略的效果及其差异。其中大多数策略的平均效果处于中等水平;及时提供有用信息的策略能产生较好的效果;这些策略的效果在整体上存在显著差异,两两比较的大多数结果也存在显著差异。在选择传闻治理策略时,应同时考虑多个效果较好的策略。
Based on the sample survey data of individual investors in China’s stock market, this paper compares and analyzes the effects and differences of rumors governance strategies in 12 stock markets by using non-parametric hypothesis testing and cluster analysis. The average effect of most of the strategies is at a medium level. The strategy of providing useful information in time can produce better results. The overall effect of these strategies is significant, and most of the results of each comparison are significantly different. When choosing a hearsay governance strategy, consider several well-performing strategies.