中文摘要：

根据传统的＂信息含量＂（information content）理论,股票信息一旦进入市场就会立即被股价所充分吸收。但事实上,资本市场中任何信息要引起股价的反应首先要引起投资者的注意。长期以来,金融甚至行为金融的研究忽视了这个客观事实和前提条件。本文首先从认知心理学的角度出发,以投资者注意力的分配作为切入点,对投资者注意力与投资者交易行为、资产定价及内部人自利择机之间的关系进行了文献梳理和述评。综合来看,投资者注意力的研究拓展了行为金融的分析视角,引发投资者注意力与资产价格变动、投资者注意力与投资者交易行为,以及投资者注意力与内部人的财务行为等的研究。因此,深化投资者注意力的研究具有很高的理论价值和现实意义。

英文摘要：

Based on traditional＂information content＂theory,stock information will be immediately absorbed enough by stock prices once it enters capital market.However,any information in fact must firstly arouse the investor attention in order to cause stock price reaction,which is a prerequisite and objective condition for market reaction but has been ignored by finance and behavioral finance scholars for a long time.From the cognitive psychology perspective,this paper focuses on the allocation of investor attention and systematically reviews the relations between investor attention and investor trading behavior,and between asset pricing and insider opportunistic timing.In general,the study on investor attention has extended the analysis perspective of behavioral finance,and triggers the research of relations between investor attention and asset price movements,between investor attention and investor trading behavior,between investor attention and insider financial behavior.Therefore,deepening investor attention research in the future is of high theoretical and practical significance.