中文摘要：

世界各地的证券市场,特别是中国股票市场中股价联动现象明显,这引起了人们的广泛关注,国内外众多研究者从不同角度进行了探讨。而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的影响,发现：（1）中国证券市场中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综合情绪变量,（4）随着公司规模的增大,投资者情绪对股价联动的影响在逐渐减小。

英文摘要：

This paper discusses the impact of investor sentiment on the stock price co-movement in China＇s stock market respectively from the individual stock and market levels. The results show that：1. stock price co-movement phenomenon are significantly visible in China＇s stock market; 2. investor sentiment has a notable negative impact on the stock price co-movement; 3. the impact of investor sentiment variables of individual stocks on stock price co-movement is greater than that of market level;4. with the increase of company size,the impact of investor sentiment on stock price co-movement is gradually decreasing.