A Study On The Transmission Characteristics Of Stock Market Information Based On Social Network

Investors’ limited attention is an important research topic in the behavioral finance. It is generally acknowledged when investors’ energy is limited, it is difficult for them to get timely and exhaustive knowledge about Stock Market information, which means the investors’ limited attention. So they have to master a small amount of stock market information, which may have an impact on the volume and price of the stock market or other important parameters. Therefore, the market information that can reach the investors and affect the behavior of investors is particularly important. The study on the transmission characteristics of market information will also serve us a good chance to have further studies on investors’ limited attention. Furthermore, it may help us to offer more reasonable explanation on financial vision.Starting from the concept definition of investors’ limited attention, this paper put forward an idea that stock market information could affect investors’ limited attention through the virtual network. Then we talked about the transmission characteristics of the stock market information in social network. The paper proposed to use microblog hot degrees to represent investors’ limited attention for the first time. We found the relationship between investors’ limited attention and stock market performance with the aid of the empirical data. In the research on the propagation characteristics of the stock market information, the paper came up with the existence of leaders in the microblog(such as plus V users of sina weibo) by drawing lessons from the Pareto’s Law, which is also proofed by the structural holes theory. Furthermore, this paper discussed the characteristics of opinion leaders in microblog in the empirical by drawing lessons from the method of social interaction theory and snowball sampling method and finally finished the description of the propagation characteristics of investors’ limited attention in the virtual network.Combing with theory and empirical research, this paper drew the following conclusions:1、Investors’ limited attention has a positive effect on the stock market activity;2、There is a clear structure holes on the network of spreading stock market information, on which nodes with hole edge nodes are often less and start tweeting network nodes are relatively easy to obtain the node structure hole edge.3、The spread contribution of stock market information on the virtual network is in connection with the number of nodes’ fans.Generally speaking, Those nodes with more fans make an important role in spreading stock market information and attracting investors’ limited attention.Based on the above conclusions, this paper suggested securities market regulators to pay real-time attention to those who may become opinion leaders in the stock market transmission network though existing media supervision on standardizing the stock market information dissemination and preventing false information from disordering stock market stock market. And those microbloggers with more fans should be the key monitoring objects.This paper suggested that it is helpful for stock investors to understand and to predict a large number of individual investors’ decision-making that investors pay attention to the transmission network of Internet information and part of the information published opinion leaders, especially getting stock market information from the microbloggers with many fans.Of course, investors also need to identify the reliability of information in case of being misled by false information.