中文摘要：

分别从个股层面以及市场层面探讨投资者情绪对中国证券市场股价联动现象的影响.实证揭示：（1）中国证券市场存在显著的股价联动效应.（2）投资者情绪对股价联动现象存在显著的负向影响.（3）个股层面的投资者情绪变量对股价联动的影响大于市场层面的综合情绪变量.（4）投资者情绪对不同行业的股价联动的影响存在差异.

英文摘要：

The author made a discussion about the investor sentiment’s effect on the stock linkage phe-nomenon of stock market in China, which from stock level and market level respectively. The empirical result showed four conclusions. (1) There existed a significant stock linkage effects in China’s stock market. (2) The investor sentiment gave a significant negative impact on the stock linkage effects. (3) The investor sentiment variables’impact of stock level was bigger than the integrated emotional vari-ables of market level. (4) There existed differences in the stock linkage effect of different sectors from the investor sentiment.