The Influence To Stock Market Made By Investors’ Attention Based On Baidu Index

From the beginning of the 1980s, investment analysis on stocks, bonds and other financial products transfers from focusing only on business value analysis to focusing on both the enterprise value analysis and investor behavior analysis. The study of investors’ attention becomes a new field of stock investment analysis. In recent years, with the rapid development of Internet technology and application, there are some new research contents and research methods of the study of investors’ attention. In this context, this article focuses on analysis of the influence of market investors to the Chinese stock from a new perspective. Investors focused on using Internet information research to study investors’ attention.This paper examines relevant theories and applied research of the investors’ attention, especially on making comprehensive discussion and summary of the related research literature based on Internet data. On this basis, this paper used Baidu index as a measure of investor concern variables, from the four angles of the stock returns, stock market liquidity, volatility and opening price jump of the first trading day after holidays to comprehensively analysis the impact of investors’attention to the stock market.Empirical study results show that:investors’ attention can bring higher returns to investors, but the high income is difficult to continue. It will soon be back, and the degree of stock returns of loss will be greatest when the initial decline, then decline degree of the stock gains will be weakening; the improvement of investors’attention has a significant positive effect on market liquidity, and liquidity in the market at yesterday has the biggest influence on Today’s investor attention. With the passage of time, the impact investors’ attention on market liquidity is weakening; About the fluctuations of stock price within that day, the day of investors’ attention has the greatest impact on the fluctuations of stock price, and the long-term impact investors’ attention on stock prices fluctuate is weakening; About the volatility, for the most of stock, the increase of current investors’ attention can improve the individual stocks volatility of earnings, but lag investors’ attention has different influence on individual stocks; the increase of Holiday investors’ attention can cause the increase of jump amplitude of opening price.