| After years of development, internet has evolved from an information distribution platform to a more interactive social network. Same trend is also present in the area of finance industry. More and more investors are very active in the online financial community, such as Xue Qiu. Xue Qiu have developed rapidly in recent years. It is a typical representative of the network community: Relying on users to create content and operating with more interactive ways. And compared with other online communities, Xue Qiu is content-rich, and more professional. It is foreseeable that Xue Qiu still has considerable space for development. It’s influence on the investors and the stock market should not be underestimated.This study focused on Xue Qiu and other similar communities. A total of 330 people took part in the online survey. From the questionnaire data, some conclusion can be drawn:a. Most users are highly educated young investors. Compared with ordinary ones, they are more rational and more professional, b. Xue Qiu always transfers investment concept to users and helps them to get basic skills, which has a great influence on them. (3) On Xue Qiu, public opinion, and other well-known users have an influence on users, as well as a number of users can also change the public opinion and well-known users’ opinion too.Chi-square test and spearman correlation test are conducted to detect the mechanism of XueQiu’ influence on investors. Behavioral finance theory is also used to explain the results:In the respect of investment environment, severe information asymmetry existed in the current domestic capital markets, so that investors will crave non-public information, to alleviate such information asymmetry, which makes them impressionable. In the respect of investors themselves, more comprehensive investors with more knowledge and more experience often choose to trust their own judgment and reduce their dependence on public opinion and well-known users on Xue Qiu. |
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