Research On The Impact Of Investor Attention On The Yield Of Carbon Neutrality Concept Secto

On September 22,2020,China made it clear at the 75 th United Nations General Assembly that China’s carbon dioxide emissions will strive to reach the peak by 2030 and achieve carbon neutrality by 2060.In March 2021,the ninth meeting of the Central Finance and Economics Commission proposed that reaching the peak of carbon and neutralizing carbon are major strategic decisions made by the CPC Central Committee after careful consideration,which are related to the sustainable development of the Chinese nation and the construction of a community with a shared future for mankind.Enterprises engaged in carbon capture,carbon monitoring,carbon trading and other related businesses are the backbone to promote the process of carbon peak and carbon neutralization.The carbon reduction measures,carbon monitoring function research and development,carbon trading and other related carbon information announced in their production and operation activities will draw the attention of investors in the carbon neutralization concept sector.Based on the current background,it is of practical significance to study the impact of carbon neutral investors’ concerns on their concept stock returns.This paper uses literature review,data crawling,empirical analysis and other research methods to select 106 listed companies with the concept of carbon neutrality as the research object,and takes Baidu Index(search index)as the proxy variable of investors’ attention,respectively using linear regression model and machine learning model to study and analyze the daily trading data of the sample company’s stocks from March 2021 to March 2022,Try to find out the impact of the concept of carbon neutrality on the yield of its constituent stocks.The results of this study show that there is a significant positive correlation between investors’ attention and the return of carbon neutral concept stocks in the current period;There is a significant negative correlation between investors’ attention and the yield of carbon neutral concept stocks in the lag period,and this negative correlation will decline over time.The influence of investors’ attention on the returns of different types of carbon neutral concept stocks in the current period is heterogeneous,with strong positive impact on energy-saving and emission reduction stocks and weak positive impact on ecological greening stocks;The current investors’ attention has a nonlinear impact on the return rate of carbon neutral concept stocks,that is,the concept attention can have a positive effect on the carbon neutral concept return rate at the initial stage of rising,but after reaching a certain peak,the positive effect will gradually weaken until it turns into a negative effect.The possible contributions of this paper are as follows: First,select the carbon neutral concept sector to analyze the impact of investors’ concerns on their returns,which enriches the current research content of China’s concept stocks,and conducts industry specific analysis on the carbon neutral sector itself,providing appropriate policy recommendations and reference opinions for regulators and investors;2、 This paper synthesizes the linear and nonlinear methods to analyze the concept of carbon neutralization,focusing on the impact on the yield of its constituent stocks,and uses the linear regression model and machine learning model to study the relationship between the two from the overall and local levels,which broadens the research methods in this field.