The Research And Application Of Manipulated Stocks' Internet Information Features

The history of China's stock market is not as long as American; the market should still be in the young period. Maybe because of the short history, the stock manipulation in China has not been solved well during a long period. These behaviors infringed on the benefits of numerous ordinary investors, disturbed the normal market order. We can't ignore the problem. At the same time, we should notice that the network infrastructure is building up better and better in China and the use of internet is very common and popular in the people's daily life. At the present time, about seventy percent of investors are obtaining the related stock information from the internet. The stock price manipulation medium also began to transfer from traditional medias to the internet.In the past, many studies on the stock price manipulation focused on the trading index or financial indexes of the manipulated stock. Unlike the past, with trading indicators to determine the stock price manipulation, this paper do the empirical analysis on the stock market with the manipulated stock as the sample from the aspect of internet information. That is doing the statistical analysis and cluster analysis on information attention-degree for the three periods, pre-manipulation period, manipulation period and post-manipulation period, then getting a conclusion. The results show that during the manipulation period, the value of information attention-degree will get amplified which can be used as the warning indicator. And during the manipulation period, different industries have different average information attention-degree, too. At the same time, this paper summarizes five characteristics of the manipulated stocks in the qualitative way. And then, this paper chooses 2 indexes in the information aspect, 2 indexes in the trading aspect, and 2 indexes in the company aspect. And the total 6 indexes which can identify the manipulated stocks include: daily average information attention-degree, the repetitiveness of information, daily turnover rate, daily rate of return, share scale, concentration ratio of the share. Base on the case-based reasoning technology, this paper builds up the case-based reasoning model, then analyzes and designs the stock-price manipulation identifying system. At last, this paper gives some suggestions about the supervision problem in the age of internet.