Research On The Influence Of Network Public Opinion Information On Stock Price

As China's economy develops,the stock market plays an increasingly important role.This is partly due to the need for more investment channels to increase the value of the assets as the income of resident's increases.On the other hand,more funds are needed to maintain and expand production operations due to the increase in the number and size of enterprises.Since the establishment of the two stock exchanges in the 1990 s,the corresponding functions of the stock market have also been perfected.The trading mechanism has become more and more convenient.Some achievements have been made in the content of information disclosure and regulation,and the capital stock adjustment,asset pricing and risk allocation Important function However,there are still many problems.In recent years,investors who are guided by the public opinion of the Internet have become emotionally emotional,causing the stock price to fluctuate abnormally.This is also an issue that needs to be explored urgently.With the popularity of the Internet and the increased participation of Internet users,the information on the stock market has exploded.A large number of individual investors in the professional website for stock price-related information and to express their own unique insights,and others to explore the trend of stock prices,constantly revised their forecasts and actions,but also through their own behavior to other investors have an impact.During the stock market turmoil,the network public opinion formed by the exchange between investors significantly exacerbated the volatility of relevant stock prices on the market and magnified the market several times.This has a certain adverse effect on safeguarding the financial stability of our country and promoting the healthy development of the stock market.At the same time,the spread of public opinion information in the market of the city is likely to mislead the investors and exacerbate investor losses.Therefore,it is of great practical significance to study the influence of investors issuing public opinion information on the stock price through the network platform,and to analyze the extent to which the change of online public opinion information has an impact on the stock price volatility.The article mainly uses the incident analysis method and the empirical research method to analyze the impact of the network public opinion information on the stock price.On April 1,2017,the Central Government announced the establishment of theXiong'an New District as the research object.According to the findings of the market anomalies,the author put forward the questions,made theoretical analysis on the issues,put forward the hypothesis,the verification hypothesis and the analysis and summary of the idea,Xiong'an New District set up in the context of the underlying stock price fluctuations.First of all,the paper is represented by the shares of Orient Fortune Net.It summarizes the data that can reflect the influence of online public opinion on the stock price volatility and constructs the indicator structure of public opinion.Then the relevant data is incorporated into the traditional Fama three-factor model to establish the panel model to analyze the influence of the online public opinion information on the stock price.The article draws the following two conclusions:First of all,the financial information of listed companies and the company-related public opinion information on the company's stock price fluctuations will have an impact,and public opinion hot spots,the impact of such changes will be significant changes.After the public opinion hot spot occurs,the influence of the public opinion information that comes with it on the stock price presents the process of first rising and then falling gradually after reaching the peak value.The impact of financial information on the company's share price generally shows a rising trend in the band.Second,when companies with different asset quality and company size face the same hot spot of public opinion,the share price of the company shows a different trend.When the public opinion information generates and arouses the enthusiasm of investors,the changes of the relevant stock prices in the market are moving in the same direction as the public hot spots.When the market gradually digest public opinion hot spots,investment enthusiasm investors decline,the relevant stock price will be some reverse change correction.At this point,asset quality is better,the larger the company's stock price rebound is easy to fall back difficult,companies with poor disk back easy to fall back difficult.At last,based on the theoretical and empirical conclusions,the article analyzes its performance in the market and the reasons for its formation,which are mainly determined by the market inertia.For the listed companies with better overall qualifications,the investors will naturally believe that their prices Stability and the possibility of further rise.Therefore,in the publication of online public opinion,but also more optimistic or singing more remarks.As for some listed companies with medium and small qualifications,because investors have limited access toinformation and have a low degree of confidence in their share prices,they are prone to panic when there is turmoil in the market,which can easily lead to bearish sentiment,resulting in Fluctuations in the stock price even fall.