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The Influence Of Text Mining Emotion And Investor Sentiment On Stock Market

Posted on:2019-02-17Degree:MasterType:Thesis
Country:ChinaCandidate:M XiaFull Text:PDF
GTID:2429330566475727Subject:Applied Statistics
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In recent years,with the rapid development of the Chinese stock market,the enthusiasm for stock investment is increasing,more and more people are involved in the investment decision.However,due to the immature development of the stock market and the freedom of Internet speech,all kinds of positive and negative information about the stock market are constantly appearing on the network.Therefore,investors are increasingly demanding the authenticity and accuracy of information.With the regular regulation of the securities market and the standardization of all kinds of information disclosure publications,people can find the key information from all kinds of disclosure documents to help themselves make investment decisions.The semi-annual report and annual report of listed companies are important disclosure publications of the listed company in one year.It has a very important reference function,and the information contained in the text will have a great influence on the investors.How to efficiently capture valuable information in text is very important for scholars,investors and listed companies.In this paper,we first summarize the definition of investor sentiment and review the research status of investor sentiment at home and abroad.Then 27 listed companies in the rare metal industry of non-ferrous metal plate are selected as screening samples,and 270 semi-annual reports and annual reports(nearly 2000 million words)issued by the listed companies are used as text information sources,and the text mining emotion is obtained by the processing of the semi-annual report and the annual report text segmentation,feature extraction and emotional analysis.Variables,combined with the use of principal component analysis to build a comprehensive investor sentiment variable on closed-end fund discount rate,IPO number,new open account number and consumer confidence index,the complex investor sentiment index of the rare metal industry in the nonferrous metal sector from January 1,2013 to December 31,2017 was obtained.The relationship between the index and non-ferrous metal sector index and the yield of non-ferrous metal sector isalso studied.The results are as follows:(1)the composite investor sentiment index based on the semi-annual report and the annual report text mining emotion and the comprehensive investor sentiment variable has better fitting and significant correlation with the nonferrous metal plate index,which is better than the comprehensive investor sentiment variable,and has a strong explanatory ability.(2)when the investor sentiment index deviates from the plate index,the trend of the nonferrous metal plate index tends to change in the opposite direction.At this time,investors should reconsider their investment decision(3)after the lag of two period,the yield of non-ferrous metal plate will have a shadow on the composite investor sentiment index.The investor sentiment will increase with the increase of yield.
Keywords/Search Tags:text mining, sentiment analysis, investor sentiment index, nonferrous metals, rare metals
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