| Since the stock market was established in China,through 20 years of rapid development,the total value of market is more than 40 trillion yuan.But individual investors lack of rationality has existed.The stock market investors panic,herding and other non rational behavior is still serious and the influence of investor sentiment on the stock is paid more and more attention.According to the research of behavioral finance,the moods of investors will affect market participants' decision-making and result in the noise trading behavior in the market.Learning from the classical model,some foreign scholars establish investor sentiment pricing theory model by relaxing the hypothesis of rational man.Chinese scholars also use the theoretical model analyzed and explained the vision on the stock market.But the existing research on investors ignored the difference between positive and negative emotions that impact on the stock price.The correlation analysis is not comprehensive.In order to more in-depth and complete analysis of the impact of invest on the stock price,the paper divided investment emotions into positive and negative,then analysis not only from the theoretical of the two different effect of the emotion on the investment decisions of investors and the stock market price,also constructed the LSTVAR model,the giant market,middle and small cap index as the research object on the non symmetry of positive and negative emotions affect the price of the stock market of our country has carried on the empirical analysis.The results of the study show that investor sentiment has a significant impact on the China stock market prices,but the impact on the different scale of the stock market price index is not the same;influence of positive and negative emotions investors have obvious difference,the asymmetry of the asset price change and cause.In the negative emotional state,investors are more rational,and in a positive emotional state,investors are more likely to make impulsive decisions. |
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