| Under the framework of behavioral finance theory,based on the theories of investor heuristic thinking and limited attention,this paper combs the theoretical mechanism that the characteristics of stock name rhythm lead to irrational decision-making of investors,and then affect the value of the stock company.Considering the cultural background and language habits of Chinese investors,this paper attempts to construct the index of stock name with Chinese characteristics from four devices: tone,tonal,rhythm and implic.on this basis,it is found that investors have a special psychological preference for the name of stocks with rich rhythm under the role of heuristic thinking,and the value of the stock company is higher.At the same time,this paper selects the holding of the Chinese Poetry Conference.The quasi-natural experiment identifies the causal effect of the relationship between the stock name rhythm and the company value.In order to ensure the comparability of homogeneous enterprises,this paper tests the heterogeneity of stock names in terms of whether they contain industry information and company size,and finds that the influence of stock name rhythm on company value is more significant in companies with industry information and smaller size.Finally,this paper finds that the stock name rhythm not only directly affects the company value through the influence of the stock demand curve,but also indirectly affects the stock company value through the stock trading volume and stock liquidity.This article.The design of tone and rhythm evaluation index innovates the research perspective of stock name,and the research conclusion can enrich and expand the category of influencing factors that lead to investors’ irrationality in behavioral finance,which provides a new perspective and new method for improving the brand value and company valuation of listed companies,optimizing the selection of investors and perfecting the efficiency construction of Chinese stock market. |
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