The Relationship Between Investor Attention And Aynchronicity Of Stock Price Based On Different Situation Of A-share Market Of China

The correlation of the stock market(Synchronicity)which is common to stock investors "with rising and falling" phenomenon,is to point to in a position where the majority of the stock price would rise or fall at the same time and the whole stock market tends to be in synchronization.This phenomenon is seriously to eliminate the individual characters in different company,which limit the function of stock price on the value of the company's screening,so that less specialize information can be reaction,especial to the individual investor.The efficiency of the resource configuration made by stock market has been decreased.In this age of Internet popularization,amount of information which obtained by individual investors is increasing exponentially,but abundant information lead to attention scarcity,investor attention became an important factors affecting the financial markets.The emergence of the search engine allowing investors to extract target information in short term,thereby reduce information costs,reform the information acquisition channels and means of individual investors.Baidu takes up majority search market in China's,whose baidu index is based on individual search volume,to response the attention of individual investors in the stock market.This article is first to test the correlation of the stock market in China,according to the sample from Shanghai stock market.Then research the relationship between the investors and stock correlation which using baidu index as proxy variables focused by investors,and put them in different trend of test market environment.The study found that China's stock market correlation has a tendency to decrease year by year,and it's more severe compared to other countries which remain to be futher management.Second demonstration that there is elasticity relationship between the individual investor attention and stock correlation,and with the increased of individual investors attention can inhibit the stock correlation,which provides a new direction for the governance in China securities market.Beside the stock correlation is stronger when in the rising trend.Upward trend may increase the fluctuation of stock at the same time,changes in the decline in the stock is relatively scattered.